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FG moves to boost GDP with solid minerals

Dele Alake

Dele Alake

The Federal Government has affirmed its commitment to elevating solid minerals in order to boost the Gross Domestic Product and create employment opportunities for the youths in the country.


Speaking during the 8th edition of the Nigerian Mining Week, themed “Capitalizing on Nigeria’s Critical Mineral Resources for Economic Growth,” organized by Vuka Group in Abuja, President Bola Tinubu represented by the Minister of Solid Minerals Development, Dele Alake, said: “Federal Government is committed to elevating solid minerals to a paramount status, surpassing the contribution of crude oil to the nation’s Gross Domestic Product and as well create employment opportunities” .


Tinubu commended Segilola Resources Operating Limited, an exploration and gold mining company for its flagship project. The Segilola Gold Mine, is Nigeria’s inaugural commercial large-scale gold mine which has made a significant impression and attracted government’s and stakeholders’ attention.


In a statement from SROL, Tinubu endorsed the resolutions put forth by stakeholders in the mining industry during the three-day mining week. The President stressed that this aligns seamlessly with his vision of steering Nigeria’s economy away from its longstanding reliance on oil and toward a greater reliance on solid minerals.


“Nigeria possesses an abundance of highly sought-after critical minerals, those in significant global demand. What we need are meticulously crafted methodologies, strategies, and efficient approaches to ensure the comprehensive exploration, exploitation, and management of these valuable resources. Government cannot accomplish this task in isolation” Tinubu added.


Expanding on the topic of partnership, Chris Omo-Osagie, the Chief Financial Officer of Thor Explorations Limited (SROL’s parent company), highlighted the critical role of partnerships as a catalyst for unlocking Nigeria’s vast mining potential. He underscored the importance of establishing the necessary infrastructure and expressed his belief that Nigeria possesses the inherent capability to elevate the mining industry to new heights through strategic planning, collaborative alliances, investment promotion, and infrastructure development.


“I am exceptionally enthused by the Minister’s strategic vision. His seven-point agenda charts a clear path forward, and I am confident that with meticulous execution, the future of Nigeria’s mining industry holds great promise. There is a bright future ahead for the mining sector in Nigeria.”


The SROL Country Manager, Austin Menegbo, offered insights into Segilola’s remarkable success and the critical factors contributing to their sustained achievements. Notably, as Nigeria’s pioneering commercial large-scale gold mining company, Menegbo highlighted their unwavering dedication to operational excellence, delivering substantial shareholder returns, maintaining social license to operate, and making significant environmental contributions within their operational regions.


He also extended encouragement to potential partners interested in venturing into the gold mining sector, urging them not to be discouraged but to persist until their aspirations become reality.


He said, “I eagerly anticipate a future where numerous gold mining companies, akin to Segilola, thrive. We welcome and encourage other partners to explore opportunities in the gold sector. I firmly believe that where there is determination, there is a path forward.”

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