The Federal Government has set its sights on the rich mineral deposits scattered across the South-South region, as it moves to reduce dependence on oil and open a new chapter of economic opportunities.
Minister of Solid Minerals Development, Dele Alake, pledged the ministry’s support for the South-South Development Commission’s plan to harness the region’s solid minerals for investment, job creation and industrial growth.
Alake spoke in Abuja when the Director-General of the commission, Usoro Akpabio, led a delegation on a courtesy visit to the ministry.
The minister said the South-South could no longer depend solely on its oil and gas wealth when the region also possesses significant solid mineral resources that could generate fresh revenue and attract investors.
He said developing the mineral sector alongside the region’s petroleum industry would strengthen the Federal Government’s economic diversification agenda.
Alake also linked the initiative to President Bola Tinubu’s plan to use the six geopolitical development commissions to unlock economic opportunities and accelerate development across Nigeria.
The minister said reforms in the mining sector were already yielding results, with more than $2.6bn in foreign direct investment attracted to Nigeria’s mining industry.
He added that new mineral processing facilities were emerging, creating jobs and gradually shifting the sector from the export of raw minerals towards local value addition.
Alake urged South-South states to take advantage of the Federal Government’s framework allowing states to participate directly in mining through properly structured special purpose vehicles and valid mining titles.
According to him, several states had already secured mining licence approvals under the arrangement.
But the minister warned state governments against policies that could conflict with federal mining regulations, stressing that investors needed a stable and predictable regulatory environment.
He said conflicting policies and multiple authorities could discourage investors from committing huge capital to mining projects.
“We have a commonality of objective; we just need to harmonise our strategies and tactics to achieve it,” Alake said.
He assured the commission that the ministry would work with it to identify commercially viable mineral projects, attract investors and develop the region’s mining value chain.
Earlier, Akpabio said the commission was seeking a practical partnership with the ministry to promote sustainable mining, environmental protection, investment mobilisation and job creation.
She said the commission would also work with state governments and security agencies to improve the mining environment across the region.
A major focus, she said, would be the training and formalisation of artisanal miners operating outside the formal regulatory system.
The move is expected to improve government revenue, promote safer mining practices and reduce environmental degradation linked to unregulated mining.
The two sides also agreed to organise investment engagements aimed at showcasing mineral opportunities across the South-South and connecting investors with viable projects.
The renewed push signals a possible shift in the economic fortunes of the oil-producing region, with the Federal Government now looking beyond crude oil to the wealth buried beneath the ground.
Don’t Miss Out! Join our WhatsApp Channel for instant news updates. Click here to join
