Dele Alake, the Minister of Solid Minerals Development, has revealed that additional mining licences are slated for revocation in 2024, targeting a broader range of defaulters.
This announcement on Monday follows the revocation of 1,633 mining licences in 2023 due to non-payment of annual service fees.
Minister Alake emphasized the government’s commitment to prioritizing value addition for potential investors in the mining sector.
He declared an end to the era of mere resource extraction, stressing the need for practical plans to transform raw materials into finished products or add value to host communities before granting new licenses.
“The era of just carting away our resources is over. We want to see practical plans to develop these raw materials into finished products or plans to add value to host communities before we even license new operators,” stated Minister Alake.
The minister outlined the government’s determination to enhance security in mining areas and combat illegal mining activities through a revamped security architecture.
He expressed confidence that the results of months of engagement with security agencies would soon manifest in curbing the plundering of Nigeria’s mineral resources.
Alake linked these measures to the broader vision of President Bola Tinubu, emphasizing the focus on diversifying the economy by revitalizing the solid minerals sector.
He asserted that reforms within the sector would significantly contribute to economic development, job creation, and increased Gross Domestic Product (GDP) in the coming year.
Assuring the public, Minister Alake promised a transparent and efficient governance structure aimed at dispelling the opacity surrounding the mining sector.
He highlighted ongoing efforts to consolidate reforms initiated with the introduction of an ambitious seven-point agenda four months ago, expressing optimism about the transformative impact expected in 2024.