President Bola Ahmed Tinubu has directed the Federal Ministry of Solid Minerals Development to issue mining licenses only if they include local value addition.
This initiative aims to engage young Nigerians in economic activities, helping them acquire skills and contribute to the economy.
The president’s directive was announced during the African Natural Resources & Energy Investment Summit, 2024, in Abuja, where he emphasized the importance of adding value to minerals before export.
Represented by Vice President Kashim Shettima, President Tinubu stated that this policy is part of a broader strategy to create a business-friendly environment and attract investment in the solid minerals sector.
He highlighted the need to stop the loss incurred from exporting raw minerals, aiming instead to make Nigeria a leader in critical metals.
The establishment of the African Minerals Strategy Group, with Nigeria as its first chairman, was also commended.
President Tinubu acknowledged the growing renewable energy sector, which has attracted over $2 billion in investments, while also recognizing the ongoing importance of oil and natural gas.
The Minister of Solid Minerals Development, Dr. Dele Alake, reiterated the government’s commitment to transforming the solid mineral sector as part of the Renewed Hope Agenda.