Business
ALAKE urges mining CEOs to champion mining development, establish banks. The Minister of Solid Minerals Development, Dele Alake has charged Chief Executive Officers (CEOs) of mining companies to lead the way in establishing mining development banks to guarantee the needed long-term credit for sustainable development of the mining sector.
At the CEO Roundtable on the sidelines of the 2024 Nigeria Mining Week, Alake encouraged the CEOs to spearhead the mining bank with the aim of making it private-sector driven to wean it off government interference and ensure its longevity and effectiveness.
He assured the CEOs that the federal government is actively dismantling bottlenecks to enhance the ease of doing business within the sector to foster viable investments.
The minister sued for continued cooperation from mining executives in support of the ongoing reforms, noting that these reforms are vital to creating a sustainable and resilient framework for the long-term development of the mining industry.
Addressing concerns regarding state-level interference in mining operations, the Minister reiterated the federal government’s stance that sub-national entities do not have the constitutional authority to make policy decisions on mining, as the sector falls under the exclusive legislative list.
Addressing concerns regarding state-level interference in mining operations, the Minister reiterated the federal government’s stance that sub-national entities do not have the constitutional authority to make policy decisions on mining, as the sector falls under the exclusive legislative list.
Looking ahead, the Minister revealed plans to provide a more conducive environment for investment, including the development of a mining infrastructure corridor. He emphasized that inter-ministerial collaboration is underway to kickstart the project and ensure its successful implementation.
Conclusively, the Minister appealed for the continued support of the CEOs on ongoing reforms, particularly the review of the rates regime of the mining sector, assuring them that the ministry is carefully considering the concerns raised.
23rd November, 2024.
C.E.
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