The Minister of Solid Minerals Development, Dr Dele Alake, has urged Chief Executive Officers (CEOs) of mining companies to lead efforts in establishing mining development banks 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, Alake encouraged the CEOs to drive the creation of a private-sector-led mining bank to ensure its independence from government interference and guarantee its effectiveness and longevity.
In a statement by Segun Tomori, Senior Special Assistant to the Minister, Alake assured the CEOs that the federal government is removing bureaucratic hurdles to improve the ease of doing business in the mining sector and attract viable investments.
The Minister called for continued collaboration from mining executives to support ongoing reforms, which he described as crucial for building a resilient and sustainable framework for the sector’s long-term development.
Addressing concerns about state interference in mining activities, Alake reaffirmed the federal government’s exclusive authority over mining, as enshrined in the constitution.
“We have engaged extensively with state governments to address these concerns and explore ways to involve them constructively. States can now apply for mining licences and operate as Limited Liability Companies, enabling their participation in local resource mining. Several states have adopted this approach, and we have approved licences for those that have completed the application process,” Alake stated.
Looking ahead, the Minister outlined plans to develop a mining infrastructure corridor to create a more investment-friendly environment. He revealed that inter-ministerial collaboration is already underway to kickstart the project.
Alake also appealed for the CEOs’ support on reforms such as the review of the mining sector’s rates regime, assuring them that their concerns are being carefully considered.
