Nigeria Gears Towards Making Solid Minerals Sector Lead Revenue Earner
Speaking at the 2nd Edition of the African Natural Resource and Energy Investment Summit, AFNIS, held at the International Conference Centre, Abuja President Ahmed Bola Tinubu has promised to make the solid minerals sector a largest revenue earner for Nigeria.
President Ahmed Bola Tinubu (top) Dele Alake, Minister of Solid Minerals
Tinubu who was represented by the Secretary to the Government of the Federation, Senator George Akume, said Nigeria was able to make Petroleum her largest source of revenue and that Nigeria can do it again with solid minerals.
He assured that “Nigeria is open for business. We are willing to develop our God-given resources with genuine partners who share the vision of equitable distribution of wealth produced in our country with our people. We are ready to walk the talk of renewed hope with lovers of human development, to achieve the sustainable development goals of banishing poverty, disease and hunger from our fatherland.
“Our administration shall wake up the sleeping giant that the solid minerals sector is today, to play its strategic role in the economy, by providing jobs for our people, improving the revenue accruable to the government, and establishing an industrial sector that is the envy of the world.
“Nigerians did it with the petroleum sector against the odds. Petroleum became our largest source of revenue. We shall do it again with the solid minerals sector, wiser, and better, because we have learnt useful lessons”.
Tinubu however issued stern warning to illegal miners in Nigeria and vowed that they would face the wrath of the law should they continue with their acts. This was as he said his administration was working tirelessly in tackling difficulties to ease of doing business.
“The challenges of the sector are enough to overwhelm investors”, he however noted that “indiscriminate and illegal mining of richly endowed regions cheat our country of vast revenue; the threat of bandits oppressing villagers and exploiting the mines to raise money for insurgency is a national emergency; the lack of comprehensive and certified data to guide investment financing starves the sector of critical funds; the allegations of sharp practices in the licencing process undermines our commitment to transparency. These challenges, and more are well known to this administration.
“Let me assure you that these difficulties to ease of doing business in this sector are being tackled by our administration. A new sheriff is in town and the status quo shall no longer be the same. Let me declare that those responsible for the state of affairs are advised to change or they will be changed. The penalties for these acts of economic sabotage are in the laws and we shall apply them to the last letter.
“These are a few of the reasons we have appointed Dr Oladele Alake, seasoned investigative journalist, political media strategist and a man of unblemished integrity to sanitise the sector and drive its transformation”.
Earlier in his welcome address, the Minister of Solid minerals and Development, Dr. Oladele Alake stressed that it was time to reshape Nigeria’s future through the huge mineral wealth available in the country.
Alake stressed that the ministry is working tirelessly to make the nation’s mineral wealth the engine room of the country’s prosperity.
He added that Nigeria is committed to driving the economic growth and prosperity of its citizens through proper harnessing of the mineral resources.
According to him, “The African Continent has long been the source of invaluable mineral wealth that has contributed to global development, but it is time for us to redefine the narrative and shape the future.
“Our resources must become the engine of our own prosperity and the well-being of our people. We must set the foundation for a just transition that fosters inclusive growth and minimizes the environmental impact.
“In Nigeria, we have witnessed the transformative potential of our solid minerals sector and the vast opportunities that lie within it. We are committed to harnessing these resources effectively, efficiently and sustainably to drive economic growth and create prosperity for our citizens.
“Our efforts in this direction have already yielded positive results, with increased exploration, investment, and responsible mining practices taking center stage.
“The global energy landscape is also undergoing a profound transformation, the imperative of combating climate change is steering us towards cleaner and more sustainable energy sources driving our industrial activities towards less carbon footprints.
“We must embrace this transition, seizing the opportunities it presents for innovation, job creation, and a healthier planet. Nigeria, with its vast energy potential is poised to play a pivotal role in this journey”.
The Minister further added that Nigeria will work collaboratively to diversify its energy sources, promote renewable energy, and implement energy efficiency measures.