The Federal Government has announced plans to revoke over 1000 dormant mining licences in the country.
Dele Alake, the Minister of Solid Minerals Development,explained that the move is part of the Federal Government’s drive to reposition, clean up the system for optimum growth of the mining sector of the nation’s economy for industrial growth.
He spoke at the opening of the maiden National Steel Summit in Abuja,where he recalled that last year, government revoked 924 inactive mining licences, accusing the holders of such licences of using them to fuel a black market situation where holders acquire mining titles.
He said:“To clean up our licensing system, I had to revoke over 900 licences which were dormant titles, and they had become tools in the hands of speculators rather than instruments of development.
“I wish to announce here again that very shortly, I am going to announce another over 1,000 licences that will be revoked.”
He emphasized that the solid minerals sector is no longer a playground for opportunists but a driver of national industrial growth and continental leadership.
He reiterated the government’s vision to use Nigeria’s mineral resources to generate jobs, support local industries, and boost economic prosperity.
“We are laying the foundation for Nigeria where mineral resources create Nigerian jobs, feed Nigerian industries, and build Nigerian prosperity.”
According to him, the administration of President Bola Tinubu is determined to position Nigeria as the steel hub of West Africa. This goal will be anchored on local beneficiation, sustainable practices, and private-market partnerships.
He advocated the for Nigeria to transit from exporting raw minerals and importing finished goods to using its mineral wealth to create jobs, develop technology, and drive national prosperity.
He said the Ministry of Solid Minerals Development is aligning its reforms to support the Ministry of Steel Development, recognising that the steel value chain starts with mining.
“Our mineral policies must directly feed into steel production capacity. This mutual dependency must be synergised and tailored to the development priorities of this government,” he said
Speaking, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said the ministry is working on targeted reforms in industrialisation, manufacturing, and innovation to accelerate economic diversification.
She explained that this was to ensure Nigeria`s resources were processed and value-added, therefore creating jobs, building industrial capacity and driving long-term economic resilience
“Through special economic corridors and trade and labour infrastructure, the Federal Ministry of Industry and Investment is focused on creating platforms that will crystallise investment.
“ Integrate our steel industry into global and regional value-added markets and deploy our resources. We are committed to deep, sustained reforms to make Nigeria a competitive destination for steel investment,“ she added.