Federal Government supports South-South mineral development initiative
The Federal Government has expressed strong support for the South-South Development Commission’s plan to tap into the region’s solid mineral resources. Dele Alake, Minister of Solid Minerals Development, emphasized the potential for job creation, investment attraction, and economic diversification through this initiative. The partnership aligns with President Bola Tinubu’s broader strategy to unlock economic opportunities across Nigeria’s geopolitical zones. The commission, led by Usoro Akpabio, aims to work closely with the ministry to ensure sustainable mining and increased revenue.
What we know
- Dele Alake pledged the Ministry’s full backing to the South-South Development Commission for harnessing mineral resources to drive investment and job creation.
- The ministry’s reforms have attracted over $2.6bn in foreign direct investment into Nigeria’s mining sector and spurred the creation of new processing facilities.
- Alake urged South-South states to utilize the Federal Government’s framework for state participation in mining through special purpose vehicles and valid mining titles.
- He cautioned states against policies that conflict with federal mining regulations, highlighting the importance of regulatory certainty for attracting investment.
- Usoro Akpabio stated that the commission would focus on sustainable mining, formalising artisanal miners, and aligning its programmes with ministry policies to boost economic development in the region.
