Federal Government Set to Introduce New Mining License Rates in Upcoming Announcement- Dele Alake

The Federal Government is currently in the process of reviewing the rates of mining licenses and other fees that mining operators are required to pay within the country.

Minister of Solid Minerals Development Dele Alake made this known during a meeting with stakeholders in the mining industry held in Abuja.

Alake emphasized that the review of these rates is crucial in order to enhance the government’s ability to effectively restructure the mining sector.

He stressed that this review is essential for the government to fulfill its responsibilities of creating a conducive environment for mining activities and also to generate more revenue for the government.

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The Minister sought the support of stakeholders for the anticipated increase in fees for mining licenses and other related charges.

Alake highlighted the importance of securing the mining environment and implementing measures to alleviate the operational challenges faced by miners, which is why the review of rates is necessary.

Regarding the recent revocation of inactive mining licenses, the Minister assured that the government followed the appropriate procedures and laws, mentioning that a 30-day restitution period is available for affected operators.

He also disclosed the restitution fees for different types of licenses that were revoked, including Mining Leases, Small Scale Mining Licenses, Exploration Licenses, and Quarrying Licenses.

The Minister highlighted the ongoing efforts to reposition the mining industry, emphasizing the importance of reforms and the government’s commitment to sanitizing the mining environment.

One of the key initiatives mentioned was the introduction of mining marshals, who have been actively conducting operations in various parts of the country to protect legitimate miners and combat illegal mining activities. This move aims to create a safer and more conducive environment for mining operations.

Engr. Obadiah Nkom, the Director-General of the Mining Cadastral Office, played a crucial role in the fees review committee.

He stated that the committee recommended new rates that are not only affordable but also enhance the competitiveness of the fiscal regime in the mining sector. These rates were carefully compared to regional and global standards to ensure that Nigeria remains competitive in the international mining market.

Representing the stakeholders, Dele Ayanleke, the President of the Miners Association of Nigeria (MAN), expressed his appreciation for the Minister’s efforts in promoting the mining sector on a global scale.

He voiced his support for the ongoing reforms and the proposed review of fees payable by operators. Ayanleke also urged the Minister to consider the challenges faced by miners and ensure that the revised rates are affordable, taking into account the sustainability and growth of the industry.

The stakeholders present at the event included not only the President of the Miners Association of Nigeria (MAN), Dele Ayanleke, but also representatives from Women In Mining (WIN), Gemstone Miners Association (GMA), and other top officials from the ministry.

This diverse group of attendees demonstrates the broad range of interests and perspectives within the mining industry, highlighting the importance of collaboration and inclusivity in shaping the future of the sector.