President Bola Tinubu says that his administration is leveraging advanced technology in mining operations as part of efforts to reposition the sector.
President Tinubu stated this at the opening ceremony of the ninth Nigeria Mining Week on Tuesday in Abuja.
“Our administration is leveraging advanced technology or artificial intelligence, remote sensing, and data analytics to revolutionise exploration, extraction, and processing,” he said.
Represented by the Minister of Innovation, Science, and Technology, Uche Nnaji, he said that in the rapidly evolving world, technological innovation was essential to remain competitive on the global stage.
The president stated that his ‘Renewed Hope Agenda’ administration was committed to driving a mining sector that serves as a global model of innovation, resilience, and sustainable development.
Tinubu further said that the mining sector was being revamped through reforms to adapt to the changing landscape and strengthen the local economy.
“These reforms underscore our commitment to fair revenue distribution, environmental sustainability, and social economic welfare of our communities, ensuring that the wealth of Nigeria`s resources benefits every citizen.
According to the president, through strategic global partnerships, Nigeria was unlocking new markets and showcasing its mineral wealth on the international scene.
He said that the summit provides an opportunity for stakeholders to assess the mining sector and chart a course for its transformation.
“We gather not just to convene but to chart a transformative path for Nigeria`s mining industry, an industry brimming with the potential to fuel our economy and secure a future of shared prosperity,” he said.
In his remarks, the Minister of Solid Minerals Development, Dr Dele Alake, said that the Tinubu administration has introduced policies and regulations aimed at addressing the gaps in the solid minerals sector.
Alake stated that the policies include a value addition policy requiring investors to present plans for adding value to minerals before exporting them from the country.
He pointed out that a dual-pronged approach was adopted to address illegal mining and secure mining sites across the country, utilising both coercive and persuasive measures.
He explained that, through the coercive method, a special security unit was established, deploying mining marshals to secure sites, adding that the unit has arrested 300 illegal miners.
“We are also introducing satellite technology monitoring to aid monitoring, “ he said.
He said a new regime of mining rates was introduced to sanitise the sector and create opportunities for serious investors, who have been entering the sector in droves.
He expressed confidence that the mining industry would continue to grow as a cornerstone of Nigeria`s economy with the collaboration of all stakeholders.
The minister expressed hope that the exchange of ideas at the conference would help ensure the country’s mineral wealth generates sustainable economic growth.
The theme for the mining week is ‘From the Inside Out: Building the Mining Sector to be the Cornerstone of the Economy.’
