Current reforms, key to renewed investor interest in mining sector – Alake

Mineral Resources Development Minister Dr Dele Alake said the reforms of the Tinubu administration had sparked renewed investor interest in Nigeria’s mining sector.

In his speech at the Nigeria Middle East Investors Expo and Awards, Alake highlighted the government’s strategic focus on mineral resources, which has attracted global attention to the sector, resulting in increased investment and revenues.

In his inaugural speech, Alake highlighted the successes of his seven-point programme, particularly the role of mine marshals in curbing illegal mining activities.

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

Alake also presented plans to improve the activities of mining supervision services through satellite monitoring of mining areas.

“We are installing satellite surveillance mechanisms that will enable us to monitor all mining sites in Nigeria from the minister’s office, identify any illegal activities and immediately deploy mobile mining inspectors,” he said.

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.

To further streamline the operating environment and ease of doing business, Alake cited the recent launch of the Decision Support System (DSS), an online platform offering comprehensive information on the solid minerals sector in Nigeria.

He noted that the aim of this initiative is to help potential investors around the world make informed decisions about investing in the mining sector.

Alake concluded by highlighting the country’s abundance of precious minerals and Nigeria’s readiness to do business.

He 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.

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