Mining sector to contribute more to GDP in 2024 – Alake

The Minister of Solid Minerals Development, Dele Alake, has declared that the mining sector will experience a major leap in 2024 towards contributing substantially to the nation’s Gross Domestic Product (GDP).

In his New Year goodwill message to Nigerians, Alake reiterated that President Bola Tinubu’s vision of diversifying the economy through renewed focus on solid minerals is on course, asserting that reforms in the sector will yield tremendous results in the new year.

“I felicitate Nigerians for making it through 2023 into the year – 2024. It is pertinent that we collectively look forward to the horizon of the new year, with renewed hope, especially because it signposts the first fiscal year of the Tinubu administration.

“On our part in the Solid Minerals Development ministry, we will be consolidating on reforms that commenced with our ambitious 7-point agenda, on assumption of office, four months ago. Nigerians are rest assured that an efficient governance structure that will transform the opaque nature of the mining sector will crystallise in the new year.

In a statement yesterday by his Special Assistant on Media, Segun Tomori, the minister stated that 1,633 mining licences of those that defaulted in the payment of annual service fees were revoked last year, promising to do revocation for other categories of defaulters in 2024.

He stated that there are plans to tackle the menace of insecurity in mining areas alongside the activities of illegal miners through a rejigged security architecture.

On exploration, he said, “Efforts on exploration of critical minerals which started last year with the signing of an MOU with German firm, GeoScan GmbH, for the deployment of proprietary technology to explore minerals up to 10,000m under the earth will be ramped up with renewed vigour by the federal government. This is crucial for the development of the sector as it will lead to the generation of big geo-data required for global players to make informed decisions about investing in the industry.”