The Federal Government has approved the transfer of N2.5 billion from the Bank of Industry to the Solid Minerals Development Fund, aimed at enhancing funding access for indigenous miners. The Minister of Solid Minerals Development, Dr. Dele Alake, announced this during a meeting with stakeholders in the mining sector.
The fund transfer is intended to provide more favorable terms for indigenous miners, facilitating their access to funding. The meeting also discussed recent developments in the sector, including the hike in license fees and its impact.
The government has reached a consensus to review mining license rates, aligning them with current market realities to ensure effective management of Nigeria’s mineral resources. The revised rates will help the government recover investments in sector infrastructure.
Stakeholders were granted permission to propose adjustments to royalty rates for minerals with market values below official estimates. Additional measures, including satellite imaging, are being implemented to sanitize the industry, attract credible investors, and support the Mining Marshals in eliminating illegal activities.
The minister announced the redeployment of federal mine officers to enhance performance, warning that underperforming officers will face disciplinary actions. Ongoing discussions with state governors and the Nigerian Governors Forum aim to resolve issues and foster cooperation.
The meeting was attended by key officials, including the Permanent Secretary of the Ministry of Solid Minerals Development, Dr. Mary Ogbeh, and the President of the Miners Association of Nigeria, Chief Dele Ayanleke, who presented a 10-page position paper outlining industry concerns.
