Bent on boosting revenue from the mining sector, President Bola Tinubu has directed the Federal Ministry of Solid Minerals Development to restrict mining licenses to only those willing to add value to minerals sourced locally.
The move, according to the President, is to open up economic opportunities for young Nigerians to acquire skills and contribute to the overall development of the country.
The directive was handed down to the minister on Wednesday during the opening session of the African Natural Resources & Energy Investment Summit, 2024, held at the State House Conference Centre, Abuja.
Tinubu, who was represented at the event by Vice President Kashim Shettima, noted that his administration is focused on creating an enabling business environment to attract investment that encourages ‘value addition’ on solid minerals before they are exported.
“We recognize there are losses incurred from exporting crude mineral commodities and we have the understanding that it is time to change this narrative.
Believing that doing so, we aim to ensure that our teeming youth are actively engaged in economic activities, acquiring skills and contributing to the nation’s foreign exchange earnings.
“To this end, the Ministry will only issue mining licenses if they are tied to local value addition,” the President said.
He asserted that his administration’s goal in the solid minerals sector is “to make Nigeria a leader in critical metals”.
Tinubu also noted the contributions of stakeholders in the establishment of the African Minerals Strategy Group with Nigeria as the first chairman of the initiative.
“We aim to set new standards in the mining industry and ensure that Africa gets an equitable slice of supplying the world with critical metals.
“In our transition to cleaner and more sustainable energy systems, we also recognize the pivotal role that natural gas plays. Natural gas is a transition fuel that will fundamentally restructure our nation’s economy,” the President added.