Economy to feel impact of solid minerals soon, Alake says

Minister of Solid Minerals Development, Dele Alake, yesterday, hailed President Bola Tinubu’s vision of diversifying the country’s economy through renewed focus on solid minerals.

He declared that the mining sector would experience a major leap in 2024 towards contributing substantially to the nation’s Gross Domestic Product (GDP).

Alake, in his New Year goodwill message to Nigerians, said that President Bola Tinubu’s vision of diversifying the economy through renewed focus on solid minerals is on course, asserting that reforms in the sector will yield tremendous results in the New Year.

The minister, in a statement by his Special Assistant on Media, Segun Tomori, said: “I felicitate with Nigerians for making it through 2023 into the year 2024. It is pertinent that we collectively look forward to the horizon of the New Year, with renewed hope, especially because it signposts the first fiscal year of the Tinubu administration.

“On our part in the solid minerals development ministry, we will be consolidating on reforms that commenced with our ambitious seven-point agenda on assumption of office, four months ago. Nigerians are assured that an efficient governance structure that will transform the opaque nature of the mining sector will crystallise in the New Year.

“Recall that we had revoked 1,633 mining licences of those that defaulted in the payment of annual service fees last year. More revocation is in the offing for other categories of defaulters in 2024”

The said plans to tackle insecurity in mining areas and the activities of illegal miners is well on course, saying that soon, the result of months of engagement with heads of security agencies will be felt.

On exploration, he said: “Efforts on exploration of critical minerals, which started last year with the signing of an MOU with German firm, GeoScan GmbH for the deployment of proprietary technology to explore minerals up to 10,000m under the earth will be ramped up with renewed vigour by the Federal Government.”

This is crucial for the development of the sector as it will lead to the generation of big geo-data required for global players to make informed decisions about investing in the industry, ”

Alake urged Nigerians to keep faith with the Tinubu administration, emphasizing that reforms in the mining sector and other areas would jumpstart the real sector and lead to immense jobs and prosperity for all Nigerians.