Nigeria Approves 499 Licences for Solid Minerals Trading, Focusing on Lithium, Gold, and More

The Federal Government, through the Ministry of Solid Minerals Development, has granted approval for about 499 licences for the buying and selling of solid minerals in Nigeria for the year 2023. This was disclosed by the Minister of Solid Minerals Development, Dele Alake, during the Solid Minerals Conference in Abuja.

Highlights Includes

1. Licence Distribution: A total of 146 licences were allocated for the trade of lithium, surpassing other minerals such as gold (91 licences), tin (46), and coal (32). Other minerals covered by the licences include tantalite, iron ore, kaolin, feldspar, beryl, barite, columbite, mica, and aquamarine.
2. Shareholding in New Solid Minerals Company: The Federal Government intends to hold approximately 25% of the N1 billion share capital of the Nigerian Solid Minerals Corporation. Legislation for the establishment of the institution is in progress, and the government envisions a share structure in which Nigerian citizens hold 25% through public shares, and private investors each have a maximum of 10%.
3. Creation of Legislation for the Corporation: The process of creating legislation for the Nigerian Solid Minerals Corporation has commenced. The Solid Minerals Committee of the House of Representatives is set to hold the first policy dialogue on the proposed law on February 12 and 13, 2024.
4. Registered Mining Co-operatives: The campaign against illegal mining has led to positive outcomes, with 2,329 registered artisanal miners’ co-operatives in the country. In 2023 alone, 123 co-operatives were registered, 77 of which opted for registration following government appeals.

Minister Dele Alake emphasized the importance of learning from past challenges, particularly those faced by the defunct Nigerian Mining Corporation, to ensure the sustainability of the new solid minerals company. Additionally, efforts are ongoing to enhance the Nigerian Mining and Minerals Act of 2007, and the ministry continues to provide support to mining co-operatives, including bookkeeping skills and drilling techniques.