FG BACKS SOUTH-SOUTH MINERAL DEVELOPMENT PLAN

The Federal Government has expressed support for the South-South Development Commission’s plan to develop the region’s solid mineral resources as part of efforts to create jobs, attract investment and diversify the economy.

The Minister of Solid Minerals Development, Dele Alake, gave the assurance when the Director-General of the South-South Development Commission, Usoro Akpabio, led a delegation to the ministry in Abuja.

Alake said the South-South region could no longer depend solely on its oil and gas resources, noting that the area also has significant deposits of solid minerals that could contribute to economic growth.

He said developing these resources was consistent with President Bola Tinubu’s broader plan to use the six geopolitical development commissions to unlock economic opportunities across the country.

The minister explained that ongoing reforms in the mining sector were focused on encouraging investment, promoting local processing, improving regulation and ensuring more responsible mining practices.

According to him, the reforms have attracted more than $2.6bn in foreign direct investment into Nigeria’s mining sector, while new mineral processing facilities have also created employment opportunities.

Alake encouraged South-South states to take advantage of the framework that allows state governments to participate directly in mining through properly structured special-purpose vehicles and valid mining titles.

He, however, cautioned state governments against introducing policies that could conflict with federal mining regulations, stressing that regulatory certainty was important for attracting long-term investment.

The Federal Government said closer collaboration with the South-South Development Commission would help unlock the region’s mineral potential while supporting sustainable development.

The initiative is expected to create new opportunities for businesses, investors and communities as Nigeria continues efforts to reduce its dependence on oil and develop other sectors of the economy.