Dele Alake

The Federal Government will soon revoke more than 1,000 dormant mining licences, in addition to the 900 already cancelled in 2024, according to the Minister of Solid Minerals Development, Dr. Dele Alake.

Speaking at the opening of the maiden National Steel Summit in Abuja on Wednesday, Alake said the action was part of efforts to sanitise the sector and ensure that mineral titles serve as tools for genuine development rather than speculative ventures.

“To clean up our licensing system, I revoked over 900 dormant licences that had become instruments in the hands of speculators. Very soon, I will announce the revocation of another batch of over 1,000 licences,” Alake stated.

He stressed that the solid minerals sector would no longer be a playground for opportunists but a strategic driver of Nigeria’s industrial growth and continental leadership. According to him, the government is laying the foundation for a future where mineral resources create Nigerian jobs, power local industries, and boost national prosperity.

Alake described the summit’s theme, “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness,” as timely and aligned with the nation’s push for economic diversification. He reaffirmed President Bola Tinubu’s commitment to making Nigeria the steel hub of West Africa through local beneficiation, sustainable practices, and public-private partnerships.

The minister emphasised that Nigeria must move from exporting raw minerals and importing finished products to using its mineral wealth to generate jobs, develop technology, and strengthen the economy. He noted that the Ministry of Solid Minerals Development is working in close alignment with the Ministry of Steel Development, given that the steel value chain starts with mining.

Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, also addressed the gathering, saying her ministry was accelerating economic diversification through targeted reforms in industrialisation, manufacturing, and innovation. She highlighted efforts to integrate the steel industry into global and regional markets, supported by special economic corridors and robust trade infrastructure.

Minister of Steel Development, Mr. Shuaibu Audu, described steel as the critical backbone of industrialisation, being essential for construction, automobiles, electronics, shipbuilding, defence, and telecommunications. He noted that despite Nigeria’s rich deposits of steel-making raw materials, the absence of functional integrated steel plants had hindered industrial progress.

Audu stressed that developing the iron and steel sector would not only create jobs but also provide self-sustaining growth and a more diversified economic base. He said the summit aimed to assess the industry’s current state, explore investment opportunities, address policy and infrastructure gaps, and recommend strategies for sustainable growth.