Mkpoikana Udoma
Port Harcourt — The Nigerian government has announced a two-pronged approach to revitalise the mining sector, including a review of mining license rates and a N2.5 billion funding injection.
The license rate review aims to align the sector with current market realities and enhance mineral resource management, while the funding boost seeks to make financing more accessible to indigenous miners under better conditions.
According to Dr. Dele Alake, the Minister of Solid Minerals Development, the government is implementing additional measures to clean up the industry, including the use of satellite imaging to combat illegal mining activities and attract credible investors.
Alake, speaking after a meeting with stakeholders in the mining sector, announced his approval for the transfer of the N2.5 billion mining sector support fund from the Bank of Industry to the Solid Minerals Development Fund to make funding more accessible for indigenous miners under better conditions.
He addressed concerns about state government interference, assuring stakeholders that discussions with state governors and the Nigerian Governors Forum were ongoing to resolve issues and foster cooperation.
“After a meeting with stakeholders in the mining sector, we reached a consensus to review mining license rates. This review is intended to align our sector with current market realities and manage our mineral resources more effectively.
“I shared how we are implementing additional measures, including the use of satellite imaging, to clean up the industry, attract credible investors, and support the Mining Marshals in combating illegal mining activities and prosecuting offenders.
“I addressed concerns about state government interference, such as the shutdown of licensed operations and overlapping federal regulations. I assured stakeholders that discussions with state governors and the Nigerian Governors Forum are ongoing, and a joint task force is working to resolve these issues and foster cooperation.
“Additionally, I approved a proposal to transfer the N2.5 billion mining sector support fund from the Bank of Industry to the Solid Minerals Development Fund. This move is to make funding more accessible for indigenous miners under better conditions,” Alake tweeted.
The minister also emphasised the government’s commitment to holding quarterly interactive sessions with stakeholders to ensure open dialogue about the sector’s progress and thanked them for their candid feedback.
