The Lagos State Chapter of the All Progressives Congress (APC) has applauded the administration of President Bola Ahmed Tinubu for its visionary economic reforms under the Renewed Hope Agenda, describing his policy direction in the solid minerals sector as a bold step toward redefining Nigeria’s economic future.
Redefining Nigeria’s Economic Future
For decades, Nigeria’s economy remained heavily dependent on crude oil, leaving its vast deposits of solid minerals largely untapped. The Tinubu administration has reversed that trend through a comprehensive diversification blueprint that prioritizes transparency, local value addition, and investment-driven growth in the mining industry.
Key Policy Interventions Driving Mineral Development
The APC-led Federal Government has introduced a number of strategic initiatives that are fast transforming the mining landscape and attracting both local and foreign investment. These include:
1. The Nigerian Mineral Resource Strategy (2024–2033):
A 10-year master plan designed to foster investment, improve geological data, and promote inclusive community participation in mining operations.
2. Establishment of the Nigerian Solid Minerals Development Company (NSMDC):
A state-backed enterprise serving as a catalyst for exploration, processing, and export partnerships with private investors.
3. Creation of Mineral Resource and Environmental Management Committees (MIREMCO) in all states:
Set up to mediate community disputes, enforce environmental standards, and ensure host communities benefit from mining activities.
4. Mining Marshals Initiative:
A specialized security outfit under the Nigeria Security and Civil Defence Corps (NSCDC) established to curb illegal mining and safeguard legitimate investors.
5. Investment Incentives and Regulatory Reforms:
These include tax holidays, duty waivers for mining equipment, and 100% profit repatriation. The revamped digital Mining Cadastre Office now ensures transparent licensing and real-time application tracking—boosting investor confidence and reducing bureaucratic delays.
Growing Foreign Direct Investment
The Renewed Hope Agenda’s pro-investment climate has attracted record foreign participation and capital inflows into Nigeria’s mining sector. Notable developments include:
Qatar Investment Authority (QIA):
Committed over $500 million to lithium and gold exploration in Nasarawa and Kaduna States, including renewable-energy-powered processing facilities.
Ogunlesi Group / Global Infrastructure Partners (GIP):
Partnering with Nigerian firms on industrial mineral projects in Ogun and Kogi States, with downstream ventures in cement and ceramics manufacturing.
Chinese and Australian Consortiums:
Signed MoUs worth over $1.2 billion for lithium, zinc, and rare earth exploration in Plateau, Kebbi, and Cross River States.
Canadian-Nigerian Joint Venture in Niger State:
Developing gold refining and processing plants expected to generate 5,000 direct jobs and over $250 million in annual export earnings.
Sustainability and Local Value Addition
A key component of the administration’s reform agenda is beneficiation and local processing, aimed at ending the export of raw minerals and positioning Nigeria as a global supplier of finished mineral products. The Federal Government is also partnering with the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA) to finance supporting infrastructure—ranging from transport logistics to industrial clusters.
Lagos APC’s Commendation
The Lagos APC commended President Tinubu and the Minister of Solid Minerals Development, Dr. Dele Alake, for repositioning the mining sector as a cornerstone of Nigeria’s economic renaissance.
According to the party, the ongoing reforms have brought “structure, accountability, and international recognition” to a sector long neglected but now revived under reform-driven leadership.
Conclusion
With these bold interventions, Nigeria stands on the verge of a new industrial era—one powered by innovation, technology, and the responsible utilization of its mineral resources. The Lagos APC reaffirmed its unwavering support for the President’s Renewed Hope Agenda, confident that the reforms will deliver inclusive growth and shared prosperity for all Nigerians.
