The Federal Government of Nigeria (FGN) is set to end the exportation of raw materials, in its efforts to reposition the solid minerals sector to attract more investments in local processing and manufacturing in order to improve industrialisation and also create jobs.
This was disclosed by the Minister of Solid Minerals Development, Dele Alake, stating that the FGN was more interested in boosting local production.
He said, “The ministry’s approach is to move the sector from simple extraction and export of raw minerals towards a system that supports processing, manufacturing, employment and stronger linkages with other parts of the economy.
“This requires patient capital, technical expertise, modern equipment and partnerships that recognise both commercial interests and Nigeria’s development priorities.
“It also requires investors who are prepared to comply with the law, protect host communities and the environment, and maintain transparent relationships with government and other stakeholders.
“A mine cannot operate effectively without reliable power, roads, railways, processing facilities, access to financing and predictable regulation.
“In the same way, industrial development depends on a steady supply of raw materials, effective logistics and markets that can support production.”