Nigeria Boldly Bans Processing Of It's Mineral Resources Abroad To Boost Industrialization - One of Africa's major challenges is the lack of industries to process raw materials and minerals. Consequently, vast quantities of these resources are exported in their raw form, processed abroad, and then re-imported at prices up to ten times higher. Addressing this issue, Nigeria has implemented a groundbreaking law banning the overseas processing of its minerals.
The Federal Government of Nigeria has banned processing Nigeria's Mineral Resources outside the country. The new policy mandates that mining companies establish processing plants within Nigeria, ensuring that raw materials are refined domestically. The Minister of Solid Minerals Development, Mr. Dele Alake, announced this significant development during a media briefing marking the first anniversary of President Bola Tinubu's administration. To demonstrate the government's commitment to revitalizing the solid minerals sector, Alake revealed that the ministry has revoked the licenses of over nine thousand dormant companies that had obtained approvals but have yet to utilize them productively.
The minister announced that while the Tinubu administration swiftly revoked the dormant licenses, it also implemented new policies that have attracted over 10,000 license applications, with 4,000 new licenses already issued.
Alake proudly stated that the administration is committed to transforming the solid minerals industry into a significant economic sector, aiming to rival the oil and gas industry and create new wealth for Nigeria.
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