The Minister of Solid Minerals Development, Mr. Dele Alake, on Monday disclosed that the Federal Government raked in N6,957,826,200 in mining fees in the first quarter of this year.
The minister, who gave this hint via his official X page, said: “I am pleased to share some exciting developments in the mining sector; in the first quarter of this year, the Federal Government collected an impressive N6,957,826,200 in mining fees and registered 118 new private mineral buying centers.
“The Mining Cadastral Office (MCO) has been particularly active, processing 955 applications for title grants, which included 651 for exploration, 270 for small-scale mining, 49 for quarrying, and 24 for reconnaissance permits.
“I’m proud to say that we approved a total of 867 applications, which consisted of 512 exploration licenses, 295 small-scale mining leases, 60 quarry leases, and 5 mining leases”, Alake added.
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He explained that the most exciting initiative on the horizon was the establishment of the Nigerian Solid Minerals Corporation, adding that the structure will serve as a special-purpose vehicle to strategically position Nigeria at the forefront of the global mining market.
According to him, the ministry is finalizing the corporation’s setup in collaboration with the Ministry of Finance Incorporated (MOFI), thereby opening opportunities for Nigerians to invest in the sector through a public offering.
The Minister further disclosed that international partners were also expressing interest in the mining sector, recalling that recently, the French government committed to equipping the laboratory of the Nigeria Geological Survey Agency (NGSA) and train young geologists in modern mining techniques following a Memorandum of Understanding (MoU) signed between President Bola Tinubu and President of France, Emmanuel Macron.
Alake expatiated: “Additionally, the Government of Western Australia has approved regular training for Nigerian mining professionals, with the first group set to depart next month. I’m also pleased about the investments from British and Saudi Arabian entities across the mineral value chain, and just days ago, we signed an MOU with South Africa to enhance our geological capacity.
“Finally, I must highlight the impact of our value addition policy. It has bolstered local beneficiation and positioned Nigeria as a leader in the African mining landscape. “Our advocacy for value addition and our stand against the indiscriminate export of raw minerals have led us to become the pioneer chair of the African Minerals Strategy Group (AMSG). One of our main goals with this position is to draw more investments to both Africa and Nigeria,” he added.
While attributing, these achievements primarily to dedicated efforts by the government to raise awareness and attract investors to Nigeria’s vibrant mining industry, Alake assured that with collaboration of stakeholders in the sector, Nigeria was committed to a resilient and globally competitive mining sector.
