The Federal Government of Nigeria is actively seeking to bolster its economy through global mining partnerships, as emphasized by Dr. Doris Uzoka-Anite during her presentation at the Future Minerals Forum in Riyadh, Saudi Arabia, on January 20, 2025. This initiative comes in the wake of the government's ongoing efforts to enhance the mining sector's contribution to national revenue and job creation. [ee6859ee]
Dr. Uzoka-Anite highlighted that Nigeria has issued approximately 7,000 mining licenses; however, fewer than 1,000 of these mines are currently operational. The Nigerian Mining Cadastre Office (NMCO) has generated over N8 billion in revenue as of October 2024, showcasing the potential for growth within the sector. [ee6859ee]
Minister Dr. Dele Alake criticized the N9 billion capital budget allocated for 2025 as inadequate, given the ministry's proposal for over N531 billion in capital expenditure. He pointed out that reforms implemented in 2024 resulted in the creation of 45,000 new jobs, surpassing initial revenue projections. [ee6859ee]
This push for global partnerships aligns with the Federal Ministry of Solid Minerals Development's previous warnings to the Osun State Government regarding the closure of the Segilola Resources Operating Limited (SROL) mining site, which could deter foreign investments. The ministry's focus on maintaining industrial harmony is crucial for attracting investors and ensuring the sustainability of Nigeria's mining sector. [60a1cf32]
The Segilola Gold Mine, which produced 98,006 ounces of gold in 2022 and aims for a similar output in 2024, remains a key player in Nigeria's mining landscape. The government is keen on leveraging such resources to enhance the country's economic stability and growth. [60a1cf32]