FEC greenlights solid minerals regulation policy advocated by Alake
By Jeph Ajobaju, Chief Copy Editor
Dele Alake has scaled the first hurdle in his enthusiasm for the treasury to cash in on solid minerals worth billions of dollars in foreign exchange (forex), with the approval by Federal Executive Council (FEC) for him to draft policy to regulate the sector and curb illegal mining.
The Solid Minerals Development Minister confirmed the approval to journalists on Monday after the third FEC meeting of the Bola Tinubu administration at the Villa in Abuja.
He disclosed the FEC gave the ministry the green light to unveil a new draft policy that will drive the sector.
He said approval for a policy review became necessary because, in a couple of years from now, resources from oil would dry up, leaving Nigeria in dire straits.
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Relevance of solid minerals
Alake underscored the relevance of solid minerals to national economic survival, considering uncertainty in the global oil market, per reporting by The Guardian.
He shed light on a memo presented before the FEC meeting, which was chaired by Tinubu, stressing clamour for green energy solutions, among other innovations, reduces the value of oil on the international market.
“Of course, oil is still sold. However, the trend is going down. So, if we are not careful, if we do not make conscious efforts to diversify, in a couple of years, Nigeria will find itself in dire economic straits,” he said.
“And if we have an abundance of solid mineral resources, why shouldn’t we diversify, concentrate, exploit judiciously, proficiently and efficiently, these God-given abundant resources?”
Solid mineral deposits in Nigeria worth $700b, Alake tells UN audience
Solid mineral deposits in Nigeria are valued at more than $700 billion, putting the country in pole position to meet global demand, Alake had disclosed last month in his push to attract international investors.
He made the point on the sidelines of the 78th United Nations General Assembly (UNGA) in New York, saying despite being behind other African countries in mining, Nigeria’s mineral deposits have a huge potential for increase.
“Nigeria is endowed with a vast deposit of minerals critical to our new world,” stressed Alake, who was represented by the ministry’s Deputy Press Director.
“Nigeria is well-positioned to play an important role in our new world. Our solid mineral sector is valued at over USD$700bn and we know there is more to be discovered.
“Endowed with critical minerals, Nigeria should not, and dare I say, cannot be ignored.
“In our new world, mobility requires a new form of energy driven by minerals in our new electric vehicle world.
“Technology is more mineral-dependent, our energy source will depend more on the energy converted from the sun and other sources, and energy storage is even more mineral-reliant.”