Minister of Solid Minerals Development, Dr. Oladele Alake has said that upcoming reforms in the mining sector aim to separate sincere, long-term, and value-driven investors from opportunists carting away raw minerals.
The Ministry’s Head of Press and Public Relations, Mr. Alaba Balogun stated during the Mining Ministers Forum at the 2023 China Mining Week in Tianji, China, that the Minister emphasized how the new mineral development roadmap of the government will effectively address the long-standing issues within the sector.
Dr. Alake also highlighted that the proposed Nigerian Solid Minerals Development Company aims to leverage both domestic and international capital and technology to enhance the sector’s industrial capacity.
In underscoring the significance of geological data in mining financing and exploration, Dr. Alake explained that the administration led by President Bola Tinubu is committed to substantial investments in critical data, making it more attractive to potential investors.
Simultaneously, they will establish social and governance standards to safeguard the environment.
The Minister mentioned that the government is presently in discussions with artisanal miners, encouraging them to form cooperatives to formalize their labour and small businesses within the sector.
This initiative aims to broaden their access to training, extension services, machinery, and credit.
He provided assurance to investors of a well-organized industrial environment and explained that a new security framework for the sector will integrate formal enforcement agencies with community safety organizations to address threats and safeguard miners.
The ministry recently convened a governors’ forum to address critical issues.
Dr. Alake advised prospective investors to incorporate industrial mineral processing into their business plans, as a new mandatory value-addition requirement for investments will soon be implemented.