Mining sector reform boosts investor confidence

The Minister of Mineral Resources Development, Dr. Dele Alake, has confirmed that reforms implemented by the Tinubu administration have led to renewed investor interest in the mining sector in Nigeria.

In his opening speech at the Nigeria Middle East Investors Expo and Awards, Alake said the federal government’s focus on mineral resources has brought global attention to Nigeria’s mining sector, which has translated into increased investment and revenue for the country.

A statement by Special Assistant to the Minister of Mineral Resources, Segun Tomori, quoted Alake and highlighted the impact of his seven-point program. It detailed the successes of mining inspectors in combating illegal mining activities, which has led to the arrest and prosecution of many criminals across the country.

“Since the deployment of mine marshals as part of our comprehensive mining environment disinfection plan, they have been working diligently and efficiently. Over 300 illegal operators have been apprehended and over 133 are currently being prosecuted. We are making significant progress,” Alake noted.

To improve the operations of mining marshals, Alake revealed plans to include satellite monitoring of mining sites. “We are installing satellite surveillance mechanisms, which will allow us to monitor all mining sites in Nigeria from the minister’s office, identify any illegal activities and deploy mobile mining marshals immediately,” he said.

READ ALSO: Edo2024: Tinubu Meets APC Candidate Oshiomhole And Others

The Minister urged investors to tap into Nigeria’s vast mineral deposits, noting the discovery of over 40 million tonnes of talc deposits in the states of Niger, Osun, Kogi, Ogun and Kaduna; about 1 billion tonnes of iron ore in the states of Kogi, Enugu, Niger and the Federal Capital Territory; as well as an estimated 10 tonnes of lead and zinc distributed across eight states.

As part of efforts to improve the operating environment and ease of doing business, Alake recalled the recent launch of the Decision Support System (DSS), an online platform that provides comprehensive information on the mineral resources sector in Nigeria to help potential investors around the world make informed decisions on investing in the mining sector.

Highlighting the country’s abundance of high-quality key minerals, Alake reaffirmed Nigeria’s readiness for business and encouraged investors to take advantage of the improved regulatory framework and incentives.

“We have over 44 globally sought critical minerals in Nigeria. Data is a key driver for foreign investment. We are working to significantly increase exploration funding to generate the necessary big data that will attract major international players and position Nigeria as a global mining destination,” the minister stated.