President Bola Tinubu, who is determined to increase mining sector revenue, has instructed the Federal Ministry of Solid Minerals Development to limit the issuance of mining licences to those who are prepared to enhance the value of locally obtained minerals.
The President says that the action is intended to provide young Nigerians with economic possibilities to enhance their abilities and aid in the nation’s overall growth.
The directive was given to the minister during the African Natural Resources & Energy Investment Summit, 2024, which opened at the State House Conference Centre in Abuja on Wednesday.
Tinubu, who was represented at the ceremony by Vice President Kashim Shettima, stated that his administration is committed to providing an enabling business climate to attract investment and support ‘value addition’ on solid minerals before export.
The President said:
“We recognize there are losses incurred from exporting crude mineral commodities and we have the understanding that it is time to change this narrative. Believing that doing so, we aim to ensure that our teeming youth are actively engaged in economic activities, acquiring skills and contributing to the nation’s foreign exchange earnings.
“To this end, the Ministry will only issue mining licenses if they are tied to local value addition.”
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cc: Daily Post Ng
