The Minister of Solid Minerals Development, Dr. Dele Alake, has urged mining company executives to champion the establishment of a mining development bank to provide long-term credit essential for the sustainable growth of Nigeria’s mining sector.
Speaking at the CEO Roundtable during the 2024 Nigeria Mining Week, Dr. Alake encouraged industry leaders to ensure that the proposed mining bank is private-sector driven to eliminate government interference, thereby promoting its effectiveness and longevity.
Dr. Alake assured the CEOs that the Federal Government is actively removing bureaucratic hurdles to improve the ease of doing business in the sector and attract viable investments. He also called for continued collaboration from mining executives to support the ongoing reforms aimed at creating a resilient and sustainable framework for the industry.
On the contentious issue of state-level interference in mining operations, Dr. Alake reaffirmed that mining remains under the exclusive purview of the Federal Government as outlined in the Constitution.
“We have held extensive discussions with state governments to address concerns around interference and explore ways of involving them constructively. States can now apply for mining licenses and operate as limited liability companies, ensuring their participation in local resource mining,” he explained.
Dr. Alake noted that several states have already adopted this initiative, with licenses granted to those who completed the application process.
Looking ahead, the Minister announced plans to create a mining infrastructure corridor to support sectoral development. This project, he said, will involve inter-ministerial collaboration to ensure smooth implementation and attract more investments.
Dr. Alake also addressed concerns raised by industry leaders regarding the sector’s rate regime. He assured stakeholders that the ministry is carefully reviewing the rates to ensure fairness while fostering growth.
In concluding, the Minister appealed for ongoing support from mining CEOs to advance the sector’s reforms, emphasizing the critical role of partnerships in achieving sustainable development. (Westernpost)
