FEC supports the creation of a new policy to control the solid minerals industry

The Ministry of Solid Mineral Development was given permission to present a new draught policy that would direct the operations of the solid minerals industry at the Federal Executive Council meeting presided over by President Bola Ahmed Tinubu.

Dele Alake, the minister for solid mineral development, revealed the information on Monday. He claimed that the clearance for a review of the policy was required since the country will run out of resources produced from oil in a few years, leaving it in a desperate situation.

In light of the turbulence and unpredictability of the global oil market, he emphasised the need of solid minerals for Nigeria’s economic survival.

Alake, who gave State House reporters a briefing on the letter presented before FEC, pointed out that the demand for green energy alternatives, along with other growing advancements, all work together to lower the value of oil on the global market.

Of course, oil is still sold, in Alake’s words. However, the pattern is reversing. Therefore, if we are not careful and do not make conscious efforts to diversify, Nigeria will find itself in dire economic straits in a few years. However, since we have an abundance of solid mineral resources, why shouldn’t we diversify, concentrate, and exploit these abundant resources that God has given us wisely, competently, and effectively?

The policy choice that the Federal Executive Council approved today is essentially expressed in this. It is a broad policy on the complete solid mineral industry, including the full range of oil operations, rules, regulatory framework, handling, sourcing, mining, and everything else related to the sector’s dynamics. This policy approval, which we received from the Federal Executive Council today, now provides the ministry the teeth it needed to take decisive action on everything we have marked up.

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“You’re also quite aware of illicit mining activities taking place all throughout the country by both high and low, especially in terms of security. With all due responsibility, I state that. the artisanal “literal miners” who simply dig up gold without permits everywhere These people are allegedly illicit miners. The top class is also participating in this game.

“As a result, the security architecture is being changed. To make sure that we are able to fight this threat back, we are utilising the inter-security agency framework. The Federal Executive Council’s policy, which included these and other measures, was approved today.

In essence, it gives the ministry of solid minerals authority to take action on all matters pertaining to deregulation, management operation of the entire solid minerals sector, sanitization of the environment, making it investor-friendly, ensuring the security and stability of investment, and of course, giving us a lot of attractions to both local and foreign investors. So, by approving today’s policy, the operationalization of the solid mineral sector is being sanitised.