The Minister of Solid Minerals Development, Dele Alake, on Friday asked mining companies to lead the way in establishing mining development bank.
Alake made the call in Abuja during a Chief Executive Officers’ (CEO) roundtable held on the sidelines of the 2024 Nigeria mining week.
He urged the CEOs to take charge of creating a mining bank driven by the private sector to minimise government interference, ensure sustainability, and provide long-term credit for the sector’s growth.
“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,” a statement by the minister’s Special Assistant on Media, Segun Tomori, read.
Alake also sued for continued cooperation from mining executives in support of ongoing reforms, noting that they are vital to creating a sustainable and resilient framework for the long-term development of the mining industry.
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He addressed concerns regarding state-level interference in mining operations and 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.
“We have held extensive discussions with state governments to address concerns around interference and explore ways of involving them constructively.
“As part of these efforts, we have made provisions for states to apply for mining licences and operate as Limited Liability Companies.
“This approach ensures their participation in the mining of local resources, which was a major concern.
“Several states have already adopted this initiative, and we have approved licences for those that have completed the application process,” the minister added.