The Federal Executive Council (FEC) Monday approved a draft policy for the solid minerals sector, encompassing oil activities, mining, operations, guidelines, regulatory framework and all the dynamics in the sector.
Minister of Solid Minerals Development Mr Dele Alake, who disclosed this while briefing State House correspondents at the end of the FEC meeting chaired by President Bola Ahmed Tinubu, said the approval empowers the ministry to act precisely on various issues, including security measures, combating illegal mining activities across the country and securing Nigeria’s economic survival.
“The solid mineral sector is critical to Nigeria’s economic survival due to ongoing changes in the global oil market, the push for climate change, and the shift towards green energy.
Illegal mining activities, from artisanal miners to high-level involvement, are significant challenges. We are reorganising the security structure and engaging inter-agency cooperation to combat this menace.
“The approval today, as part of the policy, allows the Solid Minerals Ministry to act on all matters related to deregulation, management, operation, and environmental sanitisation of the Solid Minerals sector. This makes the sector more investor-friendly, ensuring security and stability for investments and attracting both local and foreign investors,” he said.
