The Minister of Solid Minerals Development, Dr Dele Alake, briefing newsmen in Abuja
Minister of Solid Minerals Development, Dr. Dele Alake, revealed plans to revoke an additional 1,000 inactive mining licenses, following the cancellation of 900 dormant titles in 2024.
Speaking at the inaugural National Steel Summit in Abuja on Wednesday, Alake emphasized the need to reform the mining sector to drive Nigeria’s industrial progress.
“Last year, we revoked over 900 dormant licenses that were being used by speculators rather than for development,” Alake stated.
“Soon, I will announce the revocation of another 1,000 licenses. The solid minerals sector is no longer a haven for opportunists—it’s a cornerstone for national industrial growth and Africa’s leadership.”
He highlighted the government’s vision to create jobs, fuel industries, and build prosperity through Nigeria’s mineral wealth.
Alake described the summit’s theme, “ _Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness,”_ as perfectly aligned with Nigeria’s economic diversification goals.
He stressed that under President Bola Tinubu’s administration, Nigeria aims to become West Africa’s steel hub by prioritizing local beneficiation, sustainable practices, and private-sector partnerships. “We must shift from exporting raw minerals and importing finished goods to leveraging our resources for jobs, technology, and prosperity,” he said.
The minister noted that the Ministry of Solid Minerals Development is aligning its reforms with the Ministry of Steel Development to strengthen the steel value chain, which begins with mining. “Our mineral policies must directly support steel production capacity, tailored to this government’s development priorities,” Alake added.
Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment, echoed Alake’s sentiments, emphasizing her ministry’s focus on economic diversification through industrialization and innovation. “We’re accelerating reforms to ensure Nigeria’s resources are processed and value-added, creating jobs and building long-term economic resilience,” Oduwole said. She highlighted plans for special economic corridors and trade infrastructure to integrate Nigeria’s steel industry into global markets and attract investment.
The Minister of Steel Development, Mr. Shuaibu Audu, described steel as the “backbone of an industrialized value chain,” essential for sectors like construction, automotive, electronics, and telecommunications. Despite Nigeria’s abundant steel-making raw materials, Audu noted the lack of operational integrated steel plants has hindered progress. “Iron and steel production can generate jobs, foster self-sustaining growth, and diversify our economy,” he said.
Audu explained that the summit aimed to assess the steel industry’s current state, explore investment opportunities, address policy and infrastructure gaps, and foster collaboration among stakeholders.
“This platform is about building partnerships, sharing knowledge, and charting a realistic path for a sustainable Nigerian steel industry,” he concluded. (NAN)
