The Federal Government of Nigeria, through the Ministry of Solid Minerals Development, has given approval of 499 licences for the buying and selling of various minerals in the country for the year 2023.
This announcement was made by the Minister of Solid Minerals Development, Dele Alake, during his keynote address at the BusinessDay Solid Minerals Conference held in Abuja on Tuesday.
The Minister emphasized the Ministry’s commitment to facilitating the processing of applications for permits to refine and purchase minerals. Last year alone, a total of 499 licences were granted to applicants engaged in the business of purchasing and selling minerals.
The breakdown revealed that applications for the purchase and sale of lithium led the list with 146 licences, followed by gold (91), tin (46), and coal (32). Other minerals that received approval for licences include tantalite, iron ore, kaolin, feldspar, beryl, baryte, columbite, mica, and aquamarine.
Additionally, the Federal Government revealed plans to hold 25 per cent of the N1 billion share capital of the Nigerian Solid Minerals Corporation. Minister Alake disclosed that the legislative process for creating the institution has already commenced.
The proposed share structure aligns with a private sector-led strategy, where the Federal Government will hold a maximum of 25 per cent, Nigerian citizens will hold 25 per cent through public shares, and private investors can acquire up to 10 per cent each of the remaining shares.
Furthermore, Minister Alake highlighted that the establishment of a private-sector-driven Nigerian Solid Minerals Corporation is central to their efforts to reposition the sector. The legislative process for this institution is set to kick off with the Solid Minerals Committee of the House of Representatives hosting the first policy dialogue on the proposed law on February 12 and 13, 2024.
