*Dr. Oladele Alake, Minister of Solid Minerals Development, justifies the imminent revocation of over 1,000 more mining licences, noting such unutilised instruments have become ‘tools in the hands of speculators rather than instruments of development’ in the mining industry

Isola Moses | 绿帽献妻

The Federal Government has announced plans to revoke 1,000 additional dormant mining licences, following its revocation of 900 mining licences 2024.

Dr. Oladele Alake, Honourable Minister of Solid Minerals Development, disclosed this development Wednesday, August 13, 2025, at the opening of the maiden edition of the National Steel Summit, in Abuja, FCT.

Alake said: 鈥淭o clean up our licensing system, I had to revoke over 900 licences, which were dormant titles.

“They had become tools in the hands of speculators rather than instruments of development.

鈥淚 wish to announce here again that very shortly I am going to announce another over 1,00,000 licences that will be revoked.”

The Minister also asserted: 鈥淭he Solid Minerals sector is no longer a playground for opportunists.

“It is a driver of national industrial growth and continental leadership.

鈥淲e are laying the foundation for Nigeria where mineral resources create Nigerian jobs, feed Nigerian industries, and build Nigerian prosperity.”

He described the theme of the summit, “Rebuilding and Consolidating Nigeria鈥檚 Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness”, as apt, and in line with Nigeria鈥檚 quest for economic diversification.

The administration of President Bola Ahmed Tinubu is determined to position Nigeria as the steel hub of West Africa, said he.

The Minister explained this was anchored on local beneficiation, sustainable practices, and private-market partnership, agency report said.

According to Alake, Nigeria must transition from being a country that exports raw minerals and imports finished goods to one that uses its mineral wealth to create jobs, technology, and national prosperity.

The Ministry of Solid Minerals Development is deliberately aligning its reforms to support the Ministry of Steel Development in recognition that the steel value chain begins with mining, the Minister noted

Alake declared: 鈥淥ur mineral policies must directly feed into steel production capacity.

鈥淭his mutual dependency must be synergised and tailored to the development priorities of this government.”

In her remarks on the occasion, Dr. Jumoke Oduwole, Honourable Minister for Industry, Trade and Investment (FMITI), said that the Ministry was accelerating economic diversification through targeted reforms in industrialisation, manufacturing, and innovation.

Oduwole explained the move was to ensure Nigeria’s resources were processed and value-added, therefore creating jobs, building industrial capacity, and driving long-term economic resilience.

She stated: 鈥淭hrough special economic corridors and trade and labour infrastructure, the Federal Ministry of Industry and Investment is focused on creating platforms that will crystallise investment.

鈥淚ntegrate our steel industry into global and regional value-added markets and deploy our resources.

鈥淲e are committed to deep, sustained reforms to make Nigeria a competitive destination for steel investment.”

Speaking at the forum also, Mr. Shuiabu Audu, Honourable Minister for Steel Development, described the steel sector as the critical backbone of an industrialised value chain.

Audu said this was due to it as the essential base material for significant sectors, such as construction, automobiles, electronics, shipbuilding, military equipment, and telecommunications.

The Minister said though Nigeria was endowed with steel-making raw materials, the West African country had yet to fully exploit its potential for industrial development due to the absence of operational integrated steel plants as off-takers.

He emphasised that iron and steel production would generate employment opportunities and provide capacity for self-sustaining growth, alongside offering a unique opportunity to facilitate a diversified economic base for any nation.

Underscoring the essence of the summit, the Minister said that the objective of the summit was to appraise the current status of the industry, explore investment opportunities, identify policy and infrastructure gaps, and provide recommendations.

The summit, Audu noted, was aimed at deepening collaborative partnerships, knowledge exchange between industry players and policy makers, and inclusive dialogue to forge a common realistic direction for a sustainable Nigerian steel industry.

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