The Street Reporters Newspaper

…Breaking News with Integrity!


Mining Sector: Nigeria Vows To Enforce Compliance With Community Development Agreements
Business Featured Post Mining News

Mining Sector: Nigeria Vows To Enforce Compliance With Community Development Agreements

Spread the love

The Federal Government of Nigeria has restated it’s commitment to enforce compliance with the new revised Community Development Agreements (CDA) by mining companies, holders of mining licences; assuring that they stand the risk of revocation of their licenses by the Ministry of Solid Minerals Development.

”Any Company that fails to sign the community development agreements stands the risk of having his licence revoked”.

This stern warning was given by Dr Oladele Alake, Minister for Solid Minerals Development while delivering his keynote address at the BUSINESDAY Solid Minerals Conference held today in Abuja. The theme of the Conference is ”Digging Deeper: Diversifying Nigeria’s Economy For Wealth Creation”

Elaborating further on the importance of the revised requirements for community development agreements in the mining sector launched by the Ministry last year 2023; Dr Alake explained that the essence of CDA is to engender a peaceful environment for mining operations to thrive, creating a win -win for the Communities, Federal government and mining companies. The number of compliance so far by mining companies to this CDA guideline fell short of expectations, according the Minister.

ALSO READ  Summary of 20 Mind-blowing Recommendations from Presidential Fiscal Policy and Tax Reforms Committee

” I wish to note, with dismay, that only 18 companies signed CDAs with their communities last year. We hope to enforce the implementation of the revised guidelines in the new year and those found wanting will face stiff penalties”, Dr Alake stated.

While commending the noble of publishers of Businessday for initiating the conference; Dr Alake said: ” The Businessday Solid Minerals Conference will enlighten the Nigerian press about the structure, needs and positioning of the sector and through Sensitization, enable the media to understand the workings and support our efforts to position it as the next source of our Commonwealth”

ALSO READ  AASU Makes Case for Affordable Education in Africa, Applauds Tinubu, Dangote, Oyakhilome, Kyari over Efforts

Expressing positive optimism on the practicability of the adopted Seven-Point agenda of the Ministry by the Federal Executive Council as the administration’s policy, the Minister affirmed that it is the tonic that the mining sector needed to propel changes and reforms for repositioning of the sector for international competitiveness.

Buttressing his submission, the Minster cited the establishment of the Nigerian Solid Minerals Corporation, Exploration Data, Security and Safety of Mining, Domestic and International Investment Promotions, Support for Artisanal Co-Operatives and Campaign Against Illegal Mining, Value Addition for Industrial Transformation and Financial Stability and; Community Development Agreements as key objectives for achieving the goals and objectives of transforming the sector, in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu led administration.

ALSO READ  Widow Accuses Estate Chairman of Sabotaging First Lady's Every-Home-A-Garden Initiative

In his welcome remarks, the Publisher of Businessday, Mr Frank Aigbogun, extolled the noble objectives for initiating the BUSINESSDAY Solid Minerals Conference, which he described as a congregation of actual players in the sector, lawyers and financial bodies towards ensuring the growth and expansion of the solid minerals sector; and get it ready for significant inward investment.

He said:” We believe that together, with the Minister for Solid Minerals and his team, we can move the Solid Minerals Ministry to a level even beyond that we now imagine for the Ministry of Petroleum.”

Discover more from The Street Reporters Newspaper

Subscribe now to keep reading and get access to the full archive.

Continue reading