The Minister of Solid Minerals, Dele Alake, has outlined a plan to significantly boost Nigeria’s economy by adding at least 50%.

It was presented during the unveiling of the ‘Agenda for the Transformation of the Solid Minerals for International Competitiveness and Domestic Prosperity’ in Abuja.

To achieve this objective, the ministry has outlined a comprehensive seven-point agenda:

1. Establishment of the Nigerian Solid Minerals Corporation: This corporate body will engage in various mining activities, including Gold, Coal, Limestone, Bitumen, Lead, Iron-ore, and Baryte, seeking partnership investment agreements with multinational companies to attract substantial Foreign Direct Investment into the sector.
2. Joint Ventures with Mining Multinationals: The ministry aims to form partnerships with global mining companies to harness Nigeria’s vast mineral resources.
3. Big Data on Specific Seven Priority Minerals and Their Deposits: The collection and analysis of data on these minerals will provide crucial insights for decision-making and investment attraction.
4. 30-Day Grace Period for Illegal Miners to Join Artisanal Cooperatives: An initiative to encourage illegal miners to formalize their operations and join cooperatives.
5. Mines Surveillance Task Force and Mine Police: These forces will be established to combat illegal mining and smuggling activities.
6. Comprehensive Review of All Mining Licenses: A thorough examination of existing mining licenses to ensure compliance with regulations and improve transparency.
7. Creation of Six Mineral Processing Centers: These centers will focus on value-added products to increase the beneficiation of mineral resources.

The minister emphasized the need for a paradigm shift in the strategy to drive transformation in the mining sector. He also highlighted the importance of setting up a corporate entity, the Nigerian Solid Minerals Corporation, which would serve as a guarantor and protector of partnership agreements with multinational companies. Additionally, the corporation will facilitate investment in mining by engaging the Nigerian financial system to create a funding mechanism at mutually agreed interest rates.

With abundant precious minerals such as gold, manganese, bitumen, lithium, iron ore, lead, zinc, limestone, uranium, columbite, barite, kaolin, gemstones, coal, topaz, and copper, Nigeria aims to attract investors and leverage these resources to enhance economic growth and development.

The minister underscored the immense potential of the solid minerals sector, which includes over 2 million operators, including small-scale companies and registered miners, making it a critical player in Nigeria’s economic diversification efforts.