'No mining licences to investors without plans' - Alake

Minister of Solid Minerals Development, Mr Dele Alake has said the Federal Government will ban or foreclose on the issuance of mining licences to investors without requisite plans for local value addition.

He said this administration will no longer allow anybody or licence any company that wants to go into the mineral sector without giving it a plan for local value addition like processing, refining and this has a multiplier effect on the economy.

Alake also said value addition generates employment rather than a few people carting away lithium, gold, and the likes to other countries to sell. These minerals must be processed in Nigeria, creating more value and beneficiation for local communities where they are sourced.

Special Assistant Media to the Minister, Segun Tomori in a statement, said the minister spoke yesterday in Abuja while hosting members of the House Committee on Solid Minerals on an oversight visit.

Alake applauded the lawmakers for their support in repositioning the mining sector, stressing that changing the economic fortunes of Nigeria is a joint task by both the executive and legislature.

He assured the legislators of the significant contribution of sub-nationals to mining development, stressing that state chairmen of Mineral Resources and Environmental Management Committee (MIREMCO) and five members of the committee are nominated by state governments.

He said: “The importance of this committee cannot be overstated because whether we like it or not, we are at the cusp of history and it does beckon on us individually and collectively whether as executive or legislature to change the paradigm of Nigeria’s economic fortunes because we have to diversify our economy away from the mono-cultural dependency on oil.

"Again, that underscores the significance of this committee because of the importance of the ministry in that regard. That is why I view your visit here with all sense of proprietary, responsibility, and appreciation of the oversight functions that you are saddled with."