The Street Reporters Newspaper

…Breaking News with Integrity!

Adsense

Business Economy Featured Post Mining National News News

MSMD Launches Transformative Mining Policies to Drive Local Content and Economic Growth

Spread the love

In a groundbreaking address at the opening of the 2024 Nigerian Mining Week holding at the Abuja Continental Hotel from November 18–20, the Permanent Secretary, Ministry of Solid Minerals Development, Dr Mary Ogbe unveiled a landmark policy requiring all mining lease applicants to submit a detailed value addition plan. This bold move prioritizes in-country mineral processing to catalyze industrial growth, create jobs, and reduce dependence on raw mineral exports, reinforcing Nigeria’s position as a sustainable mining powerhouse.

This forward-thinking measure is designed to boost industrialization, create sustainable jobs, and ensure Nigeria’s mineral wealth directly benefits its people. “We are building a mining sector that prioritizes in-country value addition, not just to stimulate economic growth but to position Nigeria as a model for sustainable mining on the global stage,” Dr. Ogbe emphasized.

She highlighted that this policy is a cornerstone of the Federal Government’s ambitious 7-point Agenda for the mining sector, championed under the leadership of President Bola Ahmed Tinubu and the Minister of Solid Minerals Development, Dr Dele Alake. This agenda aims to create a mining industry defined by innovation, operational integrity, and inclusivity, while enhancing transparency and competitiveness.

ALSO READ  TCN Boosts Power Supply to Northern Regions, Completes and Energizes 330KV Ugwuaji-Apir Transmission Line 2

In addition to the value addition policy, Dr. Ogbe outlined several other transformative reforms:

The Energy Transition Minerals Development Policy, which capitalizes on Nigeria’s wealth of critical minerals like lithium, cobalt, and nickel to meet global demand for renewable energy resources;

A comprehensive review of the Nigerian Minerals and Mining Act (2007) to align the country’s legal framework with global standards;

The strengthening of Community Development Agreements (CDA) to ensure host communities directly benefit from mining activities and play an active role in resource governance.

Dr. Ogbe also underscored the government’s commitment to human capital development through capacity-building programs and partnerships aimed at empowering Nigerians with the skills needed to thrive in the mining sector.

“We are redefining the role of mining in Nigeria’s economic landscape. Every step we take is a step toward sustainability, inclusivity, and resilience, ensuring our communities and local industries thrive alongside the mining sector,” she remarked.

ALSO READ  Vandals Intensify Attack on Nigeria's Power Infrastructure, Steal Critical Components of Ahoada-Yenagoa 132kV Line Under Repairs

Speaking alongside the Permanent Secretary at the event, the Director of Investment Promotion and Mineral Trade Department, Ministry of Solid Minerals Development, Dr Esther Udo, emphasized the importance of partnerships in unlocking the full potential of the country’s over 44 commercially viable mineral resources.

The Ministry’s six-pillar strategy focuses on strengthening stakeholder dialogue, providing cutting-edge geological data, fostering strategic partnerships, enhancing digital transparency, and ensuring security and sustainability. These measures are designed to empower title holders, attract credible investors, and foster equitable benefits for host communities.

“By working hand in hand with title holders, we are laying the foundation for a mining ecosystem that is efficient, sustainable, and inclusive, creating value for all stakeholders,” Dr. Udo stated.

According to her, these initiatives are part of the Federal Government’s efforts, under the leadership of the Minister, Dr Dele Alake, to transform the mining industry into a cornerstone of Nigeria’s economic growth.

ALSO READ  NLC Declares All-Out War: 15 States to be Paralyzed as Union Embarks on Industrial Action Over Minimum Wage

The opening day of the 2024 Nigerian Mining Week featured a series of impactful sessions designed to address critical areas of the mining sector’s growth and sustainability:

Session 1: Discussions centered on strategies to boost mineral exploration in Nigeria, including securing both domestic and international investments and exploring pathways for financing exploration and mining companies.

Session 2: A dynamic business networking event provided participants with opportunities to forge meaningful partnerships and expand their industry connections.

Session 3: A workshop on Environmental, Social, and Governance (ESG) reforms highlighted the importance of compliance and responsible mining practices.

Session 4: Panel discussions focused on accelerating mining investments by enhancing infrastructure to support exploration and operations.

Session 5: A roundtable discussion delved into transforming Nigeria’s development minerals sector, emphasizing its untapped potential for economic growth.

These sessions set the stage for collaborative dialogue and actionable solutions, underscoring the event’s commitment to building a thriving and sustainable mining industry in Nigeria.

StreetReporters.ng

This post has already been read at least240 times!

What's your thought about this story? Write your comment here

Discover more from The Street Reporters Newspaper

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

Continue reading