By Patience Chat Moses
The Federal Executive Council (FEC) has permitted the Ministry of Solid Minerals Development to unveil a new draft policy that would drive operations of the sector.
The Minister of the sector, Dele Alake, disclosed this to journalists, where he indicated that the aid approval for a review of the policy became necessary because there are chances that in a couple of years resources from oil would go into extinct, leaving the country in dire straits.
He underscored the relevance of solid minerals as critical to the economic survival of Nigeria, considering volatility and uncertainty in the global oil market.
Alake, while throwing light on a memo presented before FEC, presided over by President Bola Tinubu, noted that clamour for green energy solutions, among other emerging innovations, combine in reducing the value of oil in 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. And if we have an abundance of solid mineral resources, why shouldn’t we diversify, concentrate, exploit judiciously, proficiently and efficiently use these God-given abundant resources?”
In a bid to diversify the economy, the Federal Government has perfected the strategy to ensure that the solid minerals sector contributes over fifty percent to the country’s gross domestic product (GDP).
Alake also said that the Ministry will add 50 per cent to the Gross Domestic Product (GDP) of the country, even as he announced reforms, including a 30-day grace for illegal miners to join artisanal cooperatives.