The Federal Government has initiated a significant policy shift in the mining sector, approving the transfer of N2.5bn from the Bank of Industry to the Solid Minerals Development Fund. This move aims to enhance funding accessibility for indigenous miners under more favourable terms.
Dr. Dele Alake, Minister of Solid Minerals Development, revealed this development during a comprehensive stakeholder meeting. The minister stated, “This move is intended to ease access to funding for Indigenous miners by offering more favourable conditions.”
The meeting also addressed recent changes in license fees and their impact on the sector. The government and stakeholders reached a consensus supporting the review of mining license rates to align with current market realities and improve resource management.
Explaining the rationale behind the revised rates, Alake said, “The revised license rates were necessary to help the government recover investments made in improving the sector’s infrastructure.”
In response to industry concerns, stakeholders were granted permission to propose adjustments to royalty rates for minerals experiencing market value declines.
Alake outlined additional measures to sanitise the industry, including the deployment of satellite imaging and support for Mining Marshals to combat illegal mining activities. He announced, “Officers that are found wanting in their duties will face appropriate disciplinary actions,” as part of a broader effort to enhance performance in the sector.
Addressing concerns about state government interference, Alake assured, “Discussions with state governors and the Nigerian Governors Forum were ongoing.” He added that a joint task force of the ministry and the NGF would work to resolve issues and foster cooperation.
Chief Dele Ayanleke, President of the Miners Association of Nigeria, presented a comprehensive position paper outlining various industry concerns, including state regulations’ impact and the need for stakeholder inclusion in legislative reviews.
The meeting was attended by key officials including Dr. Mary Ogbe, Permanent Secretary of the Ministry, and Engr. Simon Nkom, Director-General of the Mining Cadastre Office, concluded with a commitment to quarterly interactive sessions to maintain open dialogue and receive feedback on sector progress.
