The Federal Government has banned the processing of mineral resources outside Nigeria, with a new policy that all mining companies should set up their plants in the country, News About Nigeria reports.
According to the FG, rather than ferrying them away to process abroad, it is better that the companies set up in Nigeria not just for mining but also for the creation of jobs.
This was said by the Minister of Solid Minerals Development, Dele Alake, on Thursday while briefing the media as part of the first anniversary of President Bola Tinubu’s administration.
He further noted that, in line with the commitment of the President Tinubu-led government to the development of the Solid Mineral sector, the ministry has revoked the mining licenses of about nine thousand dormant companies, that got approvals but did not use the licenses to produce anything.
The Minister also disclosed that, although the ministry revoked the licenses of 9,000 dormant miners, they have gotten about 10,000 new applications for licenses.
He explained that this is because the FG is working tirelessly towards ensuring that all miners who are given licences can deliver value to the nation.
Alake also stated that the Tinubu administration is committed to turning the solid mineral industry into a major economic sector to compete favourably with the oil and gas industry and create a new source of wealth for Nigeria.
He also pledged that the Ministry will continue to support companies that are actively involved in mining in Nigeria, to build up the sector.
