Business
Minister Unveils 7-Point Agenda For Solid Minerals
Minister of Solid Minerals Development, Dele Alake, has said the ministry is poised to attract foreign direct investment to the country by adding at least 50 percent value to the Nigerian economy.
Alake disclosed this during the unveiling of the “Agenda for the Transformation of the Solid Minerals for International Competitiveness and Domestic Prosperity”, in Abuja, Monday.
In a statement by the deputy director of press in the ministry, Alaba Balogun, Alake said the ministry will focus on a seven-point agenda.
He said the agenda include: the creation of the Nigerian Solid Minerals Corporation, Joint Ventures with Mining Multinationals, Big Data, on specific seven priority minerals and their deposits; 30-day grace for illegal miners to join artisanal cooperatives; Mines Surveillance Task Force and Mine Police; Comprehensive review of all mining licences and the creation of six Mineral Processing Centres to focus on Value-Added products.
According to him,”President Bola Tinubu has taken firm, courageous decisions that have reset the logic of the Nigerian economy.
“The removal of subsidy and the adoption of a single exchange rate are among the fundamental transformational policies of this administration.
“This radical approach to making the economy resilient in the long term is the guiding principle of the management of the Ministry.
“The Ministry has to take the bull by the horns, if the country must reap the harvest of the trillion dollars-worth of minerals under the ground across the country.
“To achieve this laudable objective, there has to be a paradigm shift in the strategy by re-positioning the sector in terms of the human and capital factors that can drive its transformation”.
On the creation of the Nigerian Solid Minerals Corporation, the Minister said “mining is big business. Nigeria must assert its presence in this environment by replicating its strategic positioning in the petroleum sector by setting up a corporate body that plays in this field.
“Consequently, the Ministry shall work towards the incorporation of the Nigerian Solid Minerals Corporation”.
Alake said the corporate body will have subsidiaries doing business in the seven priority areas that require immediate intervention and focus, which include: Gold, Coal, Limestone, Bitumen, Lead, Iron-ore and Baryte.
Existing enterprises, such as the National Iron-Ore Company, and ongoing arrangements, such as the Bitumen Concessioning Programme, will be reviewed to fit into this new system, he explained.
“The proposed Corporation will seek and secure partnership investment agreements with big multinational companies worldwide to leverage on the attractive investment-friendly regime operating in the country to secure massive Foreign Direct Investment for the mining sector.
“The positioning of the national corporation as a guarantor and protector of the partnership agreements is expected to assure partners of our seriousness and fidelity.
“Similarly, the Solid Minerals Corporation will provide robust support for Nigerian businessmen seeking funding abroad and help to authenticate their investment proposals to speed up the commitment of their partners to invest.
“Domestically, the Solid Minerals Corporation will engage the Nigerian financial system, which has demonstrated palpable reluctance to support mineral prospecting and mining because of the long-term gestation of value generation by developing a Fund to facilitate investments in mining at interest rates that will be mutually agreed”, the Minister said.
The Minister continued that the country will leverage on the abundant precious minerals, including gold, manganese, bitumen, lithium, iron ore, lead, zinc, limestone, uranium, columbite, barite, kaolin, gemstones, coal, topaz and copper that are in massive proportions to attract investors into country.
According to the statement, Nigeria has an estimated reserves include Gold (1 million ounces); Limestone (568m metric tonnes), Lead/Zinc, (Baryte 15 million metric tonnes), Bitumen (N1.1 billion barrels), Iron Ore (3 billion Metric Tonnes), and Coal (N396 million).
The sector has over two million operators, including over 633 small-scale companies and 251, 500 registered miners.
Alake also said the ministry is introducing a security tax force and mines police that will help the country combat illegal mining and smuggling.
“For the last time, let me declare that the Ministry is giving such persons 30 days grace to join a miners’ co-operative or find another vocation to do.
“On the expiration of the period, the full weight of the law will fall on anyone seen on a mining site without a determinable status.
“This message will be interpreted into Nigerian languages and broadcast on the radio to ensure no one is ignorant of this directive.
“From October, a rejuvenated security regime will become active in the solid minerals sector. This will include the Mine Police, sourced from the Nigeria Police and specially trained to detect illegal mining and apprehend offenders.
“The new Mines Surveillance Security Task Force will coordinate the Mines Police and proactively address high risk incidences of breach of Mining Laws.
“The Federal and State governments will also be encouraged to allocate the prosecution of cases against illegal miners to competent courts”, the Minister added.
Speaking on the focus areas the ministry will target towards developing the sector, the Minister said the ministry had identified several factors such as inefficient geo-data, weak implementation and enforcement, poor environmental, safety, and health policies.
Others are fragility and conflict, unregulated artisanal mining, low technical capacity, lack of access to financing, weak inter-governmental and inter-agency coordination and weak federal/state relations.
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos