Federal Government to Revoke More Mining Licenses in 2024, Alake Reveals

The Federal Government has declared its intention to revoke more mining licences in 2024 as part of its ongoing efforts to reform the mining sector.

Dr. Dele Alake, the Minister of Solid Minerals Development, announced the decision and reaffirmed the government’s commitment to promoting accountability and transparency in the sector.

The move comes after the government revoked 1,633 mining licences last year due to the failure of the holders to pay their annual service fees.

Dr. Alake, in a press statement, said, “It will be recalled that we had revoked 1,633 mining licences of those that defaulted in the payment of annual service fees last year. More revocation is in the offing for other categories of defaulters in 2024.”

The government’s focus on the mining sector is part of a broader strategy to diversify the economy and reduce its dependence on oil revenues.

By enforcing stricter regulations and ensuring compliance with mining laws, the government aims to attract more investment and create jobs in the sector.

Dr. Alake also mentioned that the government is prioritising value addition for prospective investors in the mining sector and that the era of just carting away resources is over.

He said, “We want to see practical plans to develop these raw materials into finished products or plans to add value to host communities before we even become operators.”

The government’s plans to tackle the menace of insecurity in mining areas alongside the activities of illegal miners through a rejigged security architecture are well on course.

In a short while, the results of months of engagement with heads of security agencies will be seen as the government is poised to rout those plundering Nigeria’s mineral resources.

The Federal Government’s decision to revoke more mining licenses in 2024 reflects its commitment to reform the mining sector, attract investment, and create jobs.

With a focus on value addition and security, the government is taking steps to ensure the sustainable development of the industry.