Nigeria to revoke more mining licenses in 2024

The Minister of Solid Minerals Development, Dele Alake, said on Monday the Federal Government would revoke more mining licenses this year.

He gave the warning in his New Year Goodwill Message to Nigerians on Monday in Lagos.

The Federal Government revoked 1,633 mining licenses of those who defaulted in the payment of annual service fees in 2023.

The minister said the federal government was prioritising value addition for prospective investors in the mining sector, adding that the era of carting away their resources was over.

He said: “The era of just carting away our resources is over. We want to see practical plans to develop these raw materials into finished products or plans to add value to host communities before we even license new operators.

READ ALSO: Powerful Nigerians in illegal mining are the ones funding banditry, terrorism —Minister, Alake

“This is pertinent, so that the mining sector can lead the way in industrialization, create massive jobs for our teeming young population, and contribute substantially to economic development in the new year.

“Our plans to tackle the menace of insecurity in mining areas alongside the activities of illegal miners through a rejigged security architecture is well on course.

“In a short while, we will see the result of months of engagement with heads of security agencies, as we are poised to rout those plundering Nigeria’s mineral resources.”

Alake pointed out that the government had resolved to make the mining sector of the largest contributors to the country’s Gross Domestic Product (GDP) in the new year.

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