President Tinubu Mandates New Mining Licenses To Include Local Value

President Tinubu Mandates New Mining Licenses To Include Local Value

President Bola Tinubu announced that the Ministry of Solid Minerals Development will only grant mining licenses if they incorporate local value addition. Tinubu emphasized that this policy aims to engage young Nigerians in economic activities, fostering skill acquisition and contributing to overall economic development……. CONTINUE READING 

Speaking at the African Natural Resources & Energy Investment Summit 2024 in Abuja on Wednesday, Tinubu’s remarks were delivered by Vice President Kashim Shettima. He underscored the administration’s commitment to creating a conducive business environment that attracts investments encouraging value addition in solid minerals before export.

“We recognize the drawbacks of exporting raw mineral commodities and are determined to change this narrative. This approach aims to ensure active engagement of our youth in economic activities, skill acquisition, and enhancing the nation’s foreign exchange earnings. Hence, mining licenses will only be issued if they incorporate local value addition,” Shettima stated.

Shettima highlighted Nigeria’s role as the inaugural chairman of the African Minerals Strategy Group, aiming to redefine industry standards and secure a fair share for Africa in global critical metals supply.

Regarding the renewable energy sector, Shettima noted Nigeria’s success in attracting over $2 billion in investments. He outlined President Tinubu’s administration’s commitment to further developing this sector, including plans to attract more investors for local manufacturing of solar batteries and panels.

“Our goal is to sustain and expand private sector involvement in renewable energy, focusing on local production of solar panels and batteries,” Shettima affirmed, reflecting the administration’s ongoing efforts to drive economic diversification and sustainable development.