July 17, 2024
The Federal Government has reiterated its commitment to transforming the solid minerals sector into a key driver of economic diversification under the Renewed Hope Agenda.
Minister of Solid Minerals Development, Dr Dele Alake, who re-echoed the government’s commitment at the opening of the African Natural Resources and Energy Investment Summit 2024 (AFNIS24), in Abuja on Wednesday, also outlined a multifaceted approach focusing on policy reforms, sustainable practices, infrastructure development, and human capital enhancements.
The reforms, according to Alake, aimed to create a conducive environment for investment and enhance transparency, regulatory clarity, and investor confidence, fostering a competitive and thriving industry.
The minister emphasized the importance of sustainable and infrastructural development, adopting best practices that minimized environmental impact and promoted social responsibility.
The government, he said, planned to encourage investments in transportation, power supply, and technological advancements, and enhance the capacity of the workforce through training and education.
“Under the Renewed Hope Agenda, championed by His Excellency, President Bola Ahmed Tinubu, we are committed to transforming Nigeria’s solid mineral sector into a cornerstone of our nation’s economic diversification strategy. Our approach is multifaceted, focusing on policy reforms, sustainable practices, infrastructure development, and human capital enhancements.
“We are currently implementing comprehensive reforms that will create a conducive environment for investment in the solid mineral sector. These reforms, aimed to enhance transparency, regulatory clarity and investor confidence, fostering a competitive and thriving industry. This aligns with Mr. President’s vision of an open and transparent government that works for the people of Nigeria.
“Our commitment, thus, to sustainable and infrastructural development is unwavering, we are adopting best practices that minimize environmental impact and promote social responsibility. Our goal is to ensure that mining activities contribute positively to the economy while safeguarding the environment and enhancing the well-being of local communities, reflecting the ethos of the Renewed Hope Agenda.
“Recognizing the critical role of infrastructure in enabling mining activities, we are going to encourage investments in key projects including transportation, power supply, and technological advancements. These investments will facilitate efficient extraction, processing, and transportation of minerals, thereby boosting productivity and competitiveness.
“As building a skilled workforce is so essential for the success of the solid minerals industry, we will continue to enhance the capacity of our workforce through training and education, ensuring that our people can participate meaningfully in the industry and drive its growth. This is a line again, with President Tinubu’s commitment to creating opportunities for all”, the minister said.
Meanwhile, Alake has announced Nigeria’s chairmanship of the newly established Africa Mineral Strategy Group, aimed at setting new standards in Africa’s mining industry.
According to him, the strategy group’s goals would include ensuring equitable sharing of Africa’s resources, promoting sustainable practices, and fostering international collaboration in the mining sector.
He expressed gratitude to participating countries, highlighting the collective commitment to sustainable development of Africa’s natural resources.
Alake stressed the importance of collaboration, expertise, and insight in forging a path towards a prosperous and sustainable future for Africa.
“It is with great pride that I highlight Nigeria’s leadership role in the newly established Africa Mineral Strategy Group. As the first chairman of this initiative, I am dedicated to setting new standards in Africa’s mining industry and ensuring that Africa’s resources are equitably shared, and Africa has its own commensurate share in supplying the world with critical minerals.
“This initiative will drive economic growth in Africa promote sustainable practices and foster international collaboration in Africa’s mining sector. We are therefore very deeply grateful to all the countries that have honoured us with their presence at AFNIS 2024.
“Your participation underscores the collective commitment of our global community to the sustainable development of Africa’s natural resources. Your insight, expertise, and collaborative spirit are invaluable to the success of this summit. Therefore, together, we can forge a path towards a more prosperous and sustainable future for Africa”, he said.
The minister, however, urged investors to partner with Africa to develop its natural resources, promising a business-friendly environment that fostered mutually beneficial collaborations.
Alake emphasized the importance of leveraging global expertise, technology, and capital to transform natural resources into a catalyst for sustainable development.
He highlighted innovation as a key driver of growth, embracing technological advancements that enhance efficiency, reduce costs, and promote sustainable practices.
Alake stressed the need to extend the benefits of natural resource development to local communities, ensuring that mining activities drove local economic growth and enhance citizens’ quality of life.
He announced the revised Community Development Agreement (CDA) which ensured local communities were integral partners in mining ventures, safeguarding their interests and ensuring direct participation in benefits.
