The Federal Government has acknowledged the severe economic hardship currently affecting millions of Nigerians, insisting that the pains being experienced across the country are part of a broader and necessary transition aimed at rebuilding the economy and securing long-term national prosperity.
Minister of Solid Minerals Development, Dele Alake, made this known during the maiden edition of the Solid Minerals Excellence Awards (SOMEA) held in Abuja, where he defended the ongoing economic reforms introduced by the administration of President Bola Ahmed Tinubu.
According to the minister, Nigeria is presently going through a critical phase of economic restructuring designed to create a stronger, more resilient and sustainable economy capable of supporting industrial growth, investment expansion and national development.
Alake explained that the current administration inherited deep-rooted economic challenges, including corruption, institutional weaknesses, overdependence on oil revenue, poor infrastructure and policy inconsistencies that weakened the country’s economic stability over the years.
He stressed that the government was now taking difficult decisions that previous administrations avoided because of political pressure and fear of public backlash.
The minister stated that true leadership requires courage, vision and the willingness to take bold decisions capable of producing long-term benefits, even when such decisions appear painful in the short term.
According to him, President Tinubu remains committed to implementing reforms focused on national interest and future economic stability rather than temporary political gains.
Drawing comparisons with the transformation of Lagos State during Tinubu’s leadership era, Alake noted that many reforms initially faced resistance and criticism before eventually delivering stronger institutions, improved internally generated revenue and significant economic growth.
He maintained that Nigeria’s current economic adjustment follows a similar path and could ultimately position the country for stronger development if sustained properly.
Speaking on the solid minerals sector, the minister revealed that mining has become one of the major pillars of the Federal Government’s economic diversification agenda under the Renewed Hope programme.
He disclosed that the Ministry of Solid Minerals Development had already launched major reforms aimed at tackling illegal mining, weak regulation, insecurity within mining communities, inactive licences and lack of transparency in the sector.
Alake explained that the digitisation of mining operations and licensing processes has significantly improved transparency, reduced bureaucratic bottlenecks and made the sector more attractive to local and foreign investors.
The minister further revealed that the Federal Government had intensified enforcement efforts against illegal mining activities through the expansion of the Mining Marshals initiative.
According to him, more than 2,000 personnel have now been deployed across various mining locations nationwide to clamp down on illegal operators, improve compliance and strengthen regulatory enforcement.
He added that the initiative has already resulted in multiple arrests, prosecutions and stronger compliance among mining operators across the country.
Alake also stressed the importance of local mineral processing and value addition, insisting that Nigeria must move beyond exporting raw minerals if it hopes to achieve industrialisation, technology transfer and sustainable job creation.
Earlier at the event, the Permanent Secretary of the Ministry of Solid Minerals Development, Yusuf Yabo, stated that the awards ceremony reflects the Federal Government’s commitment to transforming the mining sector into a globally competitive industry capable of driving economic growth and attracting international investment.
He noted that the event also recognised the role of innovation, partnerships, reforms and investment in repositioning the sector under the leadership of the current administration.
President of SOMEA, Oladunmi Owo, described the awards platform as an initiative created to recognise individuals, companies and institutions contributing to sustainable development and reforms within Nigeria’s mining industry.
Also speaking, the Chief Executive Officer of D-Gold, Omar Sahinolu, emphasised the need for responsible mining practices, transparent governance and technological innovation to ensure sustainable growth within the sector.
NAN reports that awards were presented to outstanding individuals and organisations in recognition of their contributions to the growth and transformation of Nigeria’s solid minerals industry.
NAN further reports that the Solid Minerals Excellence Awards was established to encourage innovation, sustainability, responsible mining practices and increased investment in the mining sector as part of efforts to support Nigeria’s economic diversification agenda.
The awards ceremony, themed “Unlocking the Future,” recognised winners across several major categories, including Leading Mining Company of the Year, Excellence in Sustainable and Safe Operations, and Outstanding Contribution to Sector Growth, among others.
