More miners to lose licenses in 2024, says Alake

The Minister of Solid Minerals Development, Dr Dele Alake, says more revocation of mining license is in the offing for other categories of defaulters in 2024.

In a new year message to Nigerians Monday in Lagos, the minister the Federal Government was prioritising value addition for prospective investors in the mining sector, adding that the era of carting away their resource was over.

In 2023, the federal government revoked 1,633 mining licenses of those that defaulted in the payment of annual service fees.

“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.

“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,” he said.

The minster said the plans would make the mining sector to experience a major leap in 2024 toward contributing to increase in Gross Domestic Product (GDP).

He said this was in line with President Bola Tinubu’s vision of diversifying the economy through renewed focus through the solid minerals, asserting that reforms in the sector would yield tremendous results in the new year.