Nigeria Mandates Local Processing for Solid Minerals, Revokes 9,000 Dormant Mining Licenses

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1. Local Processing Policy Mandate for Mining Companies: The Federal Government now requires mining companies to establish processing plants within Nigeria, rather than processing solid minerals abroad, according to Solid Minerals Development Minister Dele Alake. This policy aims to enhance local industry and economic growth.

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2. Revocation of 9,000 Dormant Mining Licenses: In a bid to boost the solid minerals sector, the Tinubu administration has revoked the licenses of 9,000 companies that failed to utilize their mining approvals. This move underscores the government’s commitment to revitalizing the industry.

3. 10,000 New Mining License Applications: Following the revocation of dormant licenses, the Ministry of Solid Minerals Development has attracted over 10,000 new license applications, with 4,000 new licenses already issued. This surge indicates strong interest and potential growth in the sector.

4. $25 Million Approved for Ajaokuta Steel Plant Revival The Federal Government has approved $25 million to kickstart the partial operation of the Ajaokuta Steel Plant, focusing initially on producing iron rods for the construction industry. This investment marks a significant step towards reviving Nigeria’s steel industry.

5. **Private Sector Funding for Military Hardware Production**: The Ministry of Steel Development is finalizing private sector funding to enable the Ajaokuta Steel Plant to produce essential military hardware. This initiative aims to reduce reliance on imports and strengthen Nigeria’s defense manufacturing capabilities.

New Policy Spurs Mining Sector Revamp and Ajaokuta Steel Plant Revival

The Nigerian government has enacted a policy requiring mining companies to process solid minerals domestically, boosting local industry. This comes as the Solid Minerals Ministry, led by Minister Dele Alake, revoked 9,000 dormant mining licenses. In response, 10,000 new license applications have flooded in, with 4,000 already issued. Additionally, $25 million has been approved to revive the Ajaokuta Steel Plant, with plans for military hardware production funded by private sector investments. The government is also considering partnerships to optimize the plant’s output, potentially involving the original Russian constructors or companies from China and India.

Emman Tochi
Emman Tochihttps://naija247news.com
Emma Tochi is Naija247news Media Northern Bureau Chief, he's based in FCT Abuja. He overseas the northern operations of this business media

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