FEC Gives Green Light To Draft New Policy For Solid Minerals Industry

During the Federal Executive Council meeting chaired by President Bola Ahmed Tinubu, the Ministry of Solid Mineral Development received approval to introduce a revised policy designed to steer the solid minerals sector’s activities…CONTINUE READING

Minister for Solid Mineral Development, Dele Alake, shared this update on Monday, explaining that the need for policy review is driven by the impending depletion of oil resources in the next few years, which could place the nation in a precarious economic situation.

He emphasized the critical importance of solid minerals for Nigeria’s economic sustainability, particularly in light of the instability and uncertainties in the global oil market.

Addressing State House correspondents regarding the memorandum presented to the FEC, Alake highlighted how factors such as the global shift towards climate change, green energy solutions, and emerging innovations are collectively diminishing the value of oil on the international stage.

Alake’s statement: “While oil continues to be traded, its demand is decreasing. Therefore, if we don’t take proactive steps to diversify, Nigeria may find itself facing economic challenges in the near future.

Given our substantial solid mineral resources, it makes perfect sense for us to diversify, focus on, and efficiently exploit these bountiful resources provided by nature.”