The Federal Government has unveiled plans to review mining licences to enhance investor confidence and foster growth in Nigeria’s solid minerals sector.
The Minister of Solid Minerals Development, Dr. Dele Alake, made this announcement during a pivotal stakeholders meeting held at the Ministry’s headquarters in Abuja.
Addressing the gathering, Minister Alake emphasized the government’s commitment to creating a conducive environment for mining operators. He stated the necessity of implementing stringent policies aimed at mitigating operational challenges faced by miners. “We need to review the rates of mining licenses and other sundry fees to ensure a competitive fiscal regime,” stated Minister Alake.
The decision to review mining licences comes on the heels of recent reforms aimed at revitalizing the sector. Minister Alake highlighted the importance of boosting investors’ confidence and aligning with ongoing positive reforms in the industry. He assured stakeholders that the government would diligently follow due process in the review process.
Furthermore, Minister Alake reiterated the government’s stance on the revocation of dormant mining licences. He affirmed that the revocation followed extant laws in the sector and provided a 30-day restitution window for affected parties. A restitution fee structure was also outlined, with amounts ranging from N2.5 million to N10 million, depending on the type of licence.
Engr. Obadiah Nkom, the Chairman of the mining license fees review committee, shed light on the rationale behind the recommended new rates. He emphasized the need for affordability to enhance competitiveness in the global mining landscape.
The stakeholders present, including the President of the Miners Association of Nigeria (MAN), Dele Ayanleke, commended Minister Alake’s efforts in prioritizing the mining sector. Ayanleke expressed support for the ongoing reforms and appealed for consideration of the challenges faced by miners in determining the new fee structure.
Among the attendees at the stakeholders meeting were representatives from the Miners Association of Nigeria (MAN), Women In Mining (WIN), Gemstone Miners Association (GMA), as well as top officials of the Ministry.v