President Bola Ahmed Tinubu has directed the Federal Ministry of Solid Minerals Development to issue mining licenses only if they are tied to local value addition, aiming to engage young Nigerians in economic activities, skill acquisition, and overall economic development.
The directive was given on Wednesday during the African Natural Resources & Energy Investment Summit 2024 at the State House Conference Centre in Abuja, as contained in a statement signed by Stanley Nkwocha, Senior Special Assistant to The President on Media & Communications, Office of The Vice President.
Represented by Vice President Kashim Shettima, President Tinubu emphasized his administration’s commitment to creating a business-friendly environment that attracts investment and encourages value addition to solid minerals before export.
“We recognize the losses incurred from exporting crude mineral commodities and understand that it is time to change this narrative. By doing so, we aim to ensure that our teeming youth are actively engaged in economic activities, acquiring skills, and contributing to the nation’s foreign exchange earnings. Therefore, the Ministry will only issue mining licenses if they are tied to local value addition,” the President noted.
President Tinubu articulated his administration’s goal to position Nigeria as a leader in the critical metals sector.
He commended stakeholders for establishing the African Minerals Strategy Group, with Nigeria as the inaugural chairman, and emphasized the aim to set new standards in the mining industry, ensuring Africa receives a fair share of the global supply of critical metals.
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The Minister of Solid Minerals Development, Dr. Dele Alake, also spoke at the event, and in his opening remarks, announced that the federal government aims to position Nigeria as a major player in the global minerals market.
He highlighted that the government is implementing wide-ranging reforms to create a more attractive environment for investors, focusing on enhancing transparency, regulatory clarity, and investor confidence.
“We are committed to transforming Nigeria’s solid mineral sector into a cornerstone for our nation’s economic diversification,” he said.
He detailed that the government’s plan to position Nigeria as a major player in the global minerals market covers several crucial areas, such as policy reforms, sustainable practices, infrastructure development, and human capital enhancement.
Alake noted that these initiatives aim to tackle longstanding challenges in the sector and fully harness Nigeria’s extensive mineral resources.
The statement noted that other dignitaries attending the African Natural Resources & Energy Investment Summit 2024 included key figures such as Senator Mohammed Sani Musa (Niger East), Minister of State for Environment Dr. Ishaq Salako, and Minister of State for Steel Development Mr. Uba Maigari Ahmadu.
Also present were ministers from Sierra Leone, South Sudan, Malawi, Liberia, Chad, and representatives from various Nigerian states.
