President Bola Tinubu has assured investors of a change in the status quo in the country because Nigeria now has a new Sheriff in town.
He said the difficulties in the ease of doing business in the Mining sector are being tackled by his administration and the status quo shall no longer be the same.
Tinubu declared that those responsible for the state of affairs in the country are advised to change or they will be changed.
He said the penalties for these acts of economic sabotage are in the laws and would be applied to the last letter.
The president said this on Tuesday, October 31, in Abuja at the second edition of The African Natural Resources and Energy Investment Summit (AFNIS). Theme: “Towards a Just Transition”, where he added that the challenges of the sector are enough to overwhelm investors.
The president who was represented at the occasion by the Secretary to the Government of the Federation (SGF), George Akume, said the indiscriminate and illegal mining of richly endowed regions cheat our country of vast revenue; the threat of bandits oppressing villagers and exploiting the mines to raise money for insurgency is a national emergency; the lack of comprehensive and certified data to guide investment financing starves the sector of critical funds.
He also said the allegations of sharp practices in the licencing process undermine our commitment to transparency, as these challenges and more are well known to this administration.
His words: “Our administration shall wake up the sleeping giant that the solid minerals sector is today, to play its strategic role in the economy, by providing jobs for our people, improving the revenue accruable to the government, and establishing an industrial sector that is the envy of the world.
“Nigerians did it with the petroleum sector against the odds, petroleum became our largest source of revenue. We shall do it again with the solid minerals sector, wiser, and better because we have learned useful lessons.
“The challenges of the sector are enough to overwhelm investors. the indiscriminate and illegal mining of richly endowed regions cheat our country of vast revenue; the threat of bandits oppressing villagers and exploiting the mines to raise money for the insurgency is a national emergency; the lack of comprehensive and certified data to guide investment financing starves the sector of critical funds; the allegations of sharp practices in the licencing process undermines our commitment to transparency. These challenges and more are well known to this administration.
“Let me assure you that these difficulties to ease of doing business in this sector are being tackled by our administration. A new sheriff is in town and the status quo shall no longer be the same. Let me declare that those responsible for the state of affairs are advised to change or they will be changed. The penalties for these acts of economic sabotage are in the laws and we shall apply them to the last letter.
“These are a few of the reasons we have appointed Oladele Alake, seasoned investigative journalist, political media strategist, and a man of unblemished integrity to sanitise the sector and drive its transformation.
“Recently, to demonstrate our full support for the way he has carried out his assignment, the federal executive council adopted the seven-point agenda presented to the council as the policies of our administration to clean up and position the sector for healthy business practices and navigate the international mining industry.
“Our policies for charting the new direction includes a new national solid minerals company, investment in big data, the formalization of artisanal miners into co-operatives, the improvement in security architecture, effective co-ordination of inter-ministerial and inter-governmental relations to resolve operational challenges and greater transparency in the licencing process. These are the deliverables the ministry has been mandated to achieve. We shall do everything to support the ministry to realise our objectives.
He further stated: “Dear investors, we are determined to create conducive conditions for genuine businessmen. We welcome you and shall do everything possible to assist law-abiding businesses to operate in our country.
“However, we shall no longer tolerate criminal adventurers and their local collaborators who exploit our socio-economic environment to sabotage our nation, in the guise of bringing business. Those caught will face the full wrath of our laws.”
The Minister of Solid Minerals Development, Dele Alake said it is the responsibility of the Governments to create mechanisms that allow local voices to be heard, and for communities to benefit directly from the resources on their lands.
He said the critical aspect of a just transition is promoting and ensuring the involvement of local communities in resource and energy development.
He added that their rights, aspirations, and traditional knowledge should be respected and integrated into the planning processes.
Alake said the global energy landscape is also undergoing a profound transformation, the imperative of combating climate change is steering us towards cleaner and more sustainable energy sources driving our industrial activities towards less carbon footprints.
His words: “In Nigeria, we have witnessed the transformative potential of our solid minerals sector and the vast opportunities that lie within it. We are committed to harnessing these resources effectively, efficiently, and sustainably to drive economic growth and create prosperity for our citizens. Our efforts in this direction have already yielded positive results, with increased exploration, investment, and responsible mining practices taking centre stage.
“The global energy landscape is also undergoing a profound transformation. The imperative of combating climate change is steering us towards cleaner and more sustainable energy sources driving our industrial activities towards less carbon footprints. We must embrace this transition, seizing the opportunities it presents for innovation, job creation, and a healthier planet. Nigeria, with its vast energy potential, is poised to play a pivotal role in this journey. We must collaborate to diversify our energy sources, promote renewable energy, and implement energy efficiency measures.
“The just transition demands that we address the social and economic challenges that may arise from shifting away from traditional energy sources. We must invest in workforce re-training, creating alternative employment opportunities, and supporting impacted communities. Africa must adopt policies that provide a safety net for those who might be negatively affected by this transition.
“A critical aspect of a just transition is promoting and ensuring the involvement of local communities in resource and energy development. Their rights, aspirations and traditional knowledge should be respected and integrated into our planning processes. It is the responsibility of our Governments to create mechanisms that allow for local voices to be heard, and for communities to benefit directly from the resources on their lands.
“Now, in winding down, I would like to share with you a significant development that underscores our Government’s dedication to the principles of a ”Just Transition” and the imperatives of responsible management of our Natural Resources. The Federal government of Nigeria is initiating a Policy Framework for the effective and efficient management of the identified Transition Minerals found in Nigeria.
“The impetus behind this initiative is our collective recognition of the global shift towards sustainable and environmentally friendly technologies. We firmly believe that the responsible management of critical minerals is paramount in the transition towards cleaner energy systems, the reduction of carbon emissions, and the global fight against climate change.
“Nigeria, as a nation blessed with an abundance of critical minerals, stands poised to play a pivotal role in propagating the ideals of this transition. These minerals are indispensable for green technologies such as electric vehicle batteries, renewable energy systems, and energy-efficient as well as Info-Tech applications. In leveraging these resources, we aim not only to drive economic growth but also to contribute significantly to global efforts to combat climate change.”
