Dr. Dele Alake, the Minister of Solid Minerals Development, has announced that there will be further revocations of mining licenses for defaulters in various categories in 2024. This warning was issued in his New Year Goodwill Message to Nigerians in Lagos.
It should be noted that in 2023, the Federal Government had already revoked 1,633 mining licenses from those who failed to pay their annual service fees.
Dr. Alake emphasized that the government is now prioritizing value addition for potential investors in the mining sector, and the days of simply extracting resources without any plans for development are over.
The government wants to see practical strategies for transforming raw materials into finished products or adding value to the communities where mining activities take place before granting new licenses.
Dr. Alake also highlighted the government’s commitment to addressing security challenges in mining areas and cracking down on illegal mining activities. These efforts, along with ongoing reforms in the sector, are expected to contribute significantly to economic development and increase the country’s Gross Domestic Product (GDP) in 2024.
