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100 Days: Alake’s Midas Touch Spurs Global Interest in Mining Sector

Published

2 years ago

December 3, 2023

By Segun Tomori

The world over, the first 100 days of a leader’s assumption of office usually sets the tone for his leadership style, gives a glimpse into the policy direction and lays the foundation for assessing his vision or otherwise. Conceptualized by the then United States President Franklin Roosevelt, it soon became a benchmark, globally, to measure the early success of a president or public servant.

The Ministry of Solid Minerals Development (MSMD), though hitherto co-existing with Steel Development as Ministry of Mines and Steel, Nigerians and indeed the international community paid scant regard to it, despite having the potential to generate at least $700bn revenue. Almost every state in Nigeria has a preponderance of most sought-after mineral resources in commercial quantities, yet the potential of the sector remained under-utilized, absence of efficient governance structures stifled development alongside the menace of illegal mining and opaque nature of the sector. Visibility for the industry was also hampered by fixation on oil by successive governments, but all of that changed with the advent of President Bola Tinubu administration and the appointment of Dr. Dele Alake as Minister.

Alake swung into action by conceptualizing a 7-point agenda that pragmatically seeks to reform, restore investor confidence, and renew global interest. He identified eight (8) priority minerals that require immediate intervention and focus – gold, baryte, iron-ore, lead/zinc, coal, limestone, bitumen, and lithium. Within his first 100 days, several landmarks have been recorded already. Of particular significance is the signing of a Memorandum of Understanding (MOU) with a German firm, Geo Scan GmbN who will deploy their cutting-edge proprietary technology that will be able to explore mineral resources up to 10,000m below the earth. The firm will deploy its plant and establish its technology at no cost to Nigeria. This will culminate in the generation of big data on specific eight priority minerals and their deposits – a cardinal plank of the Minister’s agenda.

Recently, Alake launched revised guidelines for Community Development Agreements (CDA), which aims to ensure host communities derive maximum benefits from operations of mining companies whilst requisite royalties accruable to government is secured for economic development. “The mining companies must ensure that host communities enjoy the benefit of minerals in the belly of their land while host communities must also ensure a free and unfettered environment for smooth operations. Without peace, there will be no gain for anybody”, he asserted, at the launch. At a separate fora, Dr. Alake pledged to strengthen the ministry’s mines inspectorate to enhance its ability to ascertain authenticity of mining agreements and also hinted about a role for traditional rulers in the signing of agreements on behalf of host communities.

In furtherance of reforms, Dr. Alake announced, days ago, the revocation of 1,633 mining licenses due to default in payment of stipulated annual service fees. The operators had exceeded by almost three weeks, the 30-day notice to clear their indebtedness, issued by the Mining Cadastral Office (MCO) as stipulated by Sections 11 and 12 of the Nigerian Mineral Mining Act (NMMA). Reading the riot act to other category of defaulting operators, Alake declared that the era of shortchanging government in royalties and taxes, amongst others, is over, warning illegal miners to also desist from their illicit trade. “Like I always say, a new sheriff is in town. President Tinubu has the political will and is committed to total reforms. Those that refuse to turn a new leaf will be made to face the full wrath of the law”.

Plans for the establishment of Mines Police and mine surveillance task force to effectively secure the mining environment are in full swing. The clearest indication of this was the visit of Minister of Defence, HE Abubakar Badru and his Minister of State, HE Bello Matawelle to Alake’s office, few weeks ago. Giving an insight into what transpired at the meeting, Matawelle pledged unalloyed support and collaboration with the solid minerals ministry to secure all mining sites in the country, restating the significance of the sector to Nigeria’s economic development. On the new security architecture, Dr. Alake emphasized that the outfit will encompass an infusion of a huge dose of technology while its structure will be developed in collaboration with all inter-military agencies. Part of proposed technological innovations will be the capacity to covertly monitor all mining sites in the country, detect intrusion, and provide rapid response to nip threats in the bud.

Aside from giant strides on the home front, engaging the international community on the prospects of investing in a revamped mining sector has been a top priority for the minister in the last 100 days. Quite a number of diplomatic shuttles have started yielding fruits. A deal for free training of Nigerian mining professionals on modern mining technology and practices was signed in Australia by Dr. Alake on behalf of Nigeria, and Hon. Bill Johnston, the Australian Minister of Mines and Petroleum, on behalf of Australia. Nigerian miners will benefit from training, study trips, and exchanges of mineral professionals, while the collaboration will also attract foreign direct investment, enabling Nigeria to compete globally.

Just days ago, the Minister made a strong pitch for investment in Nigeria’s mining sector at the Mines and Money Conference in London. He thrilled his audience with advantages of investing in Nigeria, citing lower production costs due to surface mining and billions of dollars of untapped minerals lying fallow in the country. “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities, across more than 500 locations. Recently, recognizing the evolving global landscape and in response to emerging trends, Lithium has been included as a crucial strategic mineral of global consequence”, he added. Not done, The Minister assured that the Tinubu administration is dismantling bottlenecks to ease of doing business in the sector, addressing security challenges and placing premium on solid minerals beneficiation and value-addition, as a panacea for sustainable growth in the sector.

A major highlight of the enthusiasm that trailed Dr. Alake’s performance was the subsequent high-level meeting with British Deputy Prime Minister, Oliver Dowden. Dowden, who chairs British National Economic Security Council, is interested in partnering with Nigeria on energy minerals such as Lithium. Alongside founder of Carousel Bio-energy, Jafar Hilali, the British leader promised to facilitate investment by a consortium of British companies in the Lithium value chain that will culminate in the production of Lithium battery powered energy buses for the Nigerian domestic market. In the spirit of strengthened relations, Mr. Dowden seized the occasion to convey the invitation of the British Government to President Tinubu to attend the African summit, scheduled for next year.

On the sidelines of the London conference was also a meeting with the United States Assistant Secretary for Energy and Natural Resources, Geoffrey Pratt. Both leaders agreed to set up a joint team of officials to explore financing for credit to mining firms and infrastructures. Pratt expressed satisfaction with the ongoing reforms announced by the Minister at the plenary of the conference, stressing that the US would like to be Nigeria’s partner of choice in developing the solid minerals sector.

Already, there is palpable excitement in the mining industry on account of the renewed interest of government in the sector. Alake’s office has been a beehive of activities as local and foreign investors continue to troop in, seeking to contribute their quota to mining sector development.

In just three months, Dr. Alake has led the charge with the dexterity of a skilful visionary, shifting global attention to Nigeria’s solid mineral resources. The Minister of Information and National Orientation, Mohammed Idris during a recent courtesy visit, aptly captured the essence of the “Alake magic”- “Since he came here, he has managed to put solid minerals on the front burner, to the extent that people are becoming extremely envious of this ministry, because of the work he has done. It is not a mistake that the president brought him here. He knows that he can turn things around”.

Like they say, “the reward for good work is more work”. That will be the mantra of the Minister as he seeks to consolidate on his “Agenda for the Transformation of Solid minerals for International Competitiveness and Domestic Prosperity”. Key elements like creation of the Nigerian Solid Minerals Corporation; Joint Ventures with Mining Multinationals; Creation of six (6) Mineral Processing centres to focus on value-added products amongst others, will ascend the implementation stage, in the coming months. Indeed, it is a new dawn for the mining sector. Renewed Hope is here!

Segun Tomori is the Special Assistant on Media to the Honourable Minister of Solid Minerals Development

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Presidency Refutes Afenifere’s Deceitful Statement on President Bola Tinubu’s Midterm:

Published

4 days ago

June 5, 2025

The Gleamer

Chief Sunday Dare

The statement from a factional Afenifere group raises serious concerns about a penchant and deliberate attempt to find faults and trade in deceit instead of objectivity. The group has found it challenging to accept that under the Renewed Hope Agenda of President Bola Tinubu, Nigeria’s comeback story is firmly underway.

The rebellious Afenifere claims that President Bola Tinubu’s administration’s performance over the past two years has witnessed a regression in human development, economic mismanagement, and democratic backsliding.

This is a jaundiced view, echoing the view of opposition politicians, one of whom the group supported in the 2023 election.

A balanced assessment based on available data reveals a more objective and progressive picture, with significant achievements amid the challenges expected from a country like Nigeria with decades-old problems.

Beyond its confounding conclusions based on prejudice, the statement raises the following issues. With the ensuing point-by-point clarification, it will become clear that the group’s position is neither grounded in facts nor logic.

Economic Reforms and Their Impact

The factional Afenifere’s claim that Tinubu’s economic reforms, particularly the removal of fuel subsidy and the floating of the naira, have led to “unmitigated sufferings” and “economic deforms” seeks to draw attention to some of the challenges but overlooks the macroeconomic gains. The removal of the fuel subsidy, announced on May 29, 2023, saved the government over $10 billion in 2023 alone, reducing fiscal strain and redirecting funds to other sectors. Unifying the foreign exchange market and the naira’s floatation aimed to address distortions in the currency market, boosted foreign reserves to $38.1 billion by 2024 and achieved a trade surplus of N18.86 trillion for the country.

Under the Tinubu administration, Nigeria’s annual inflation rate fell to 23.71% in April 2025 from 24.23% in the prior month. Food inflation, the most significant component of the inflation basket, remained elevated but moderated to 21.26% from 21.79%

While these figures indicate stabilisation, the immediate impact on ordinary Nigerians is not lost. The government’s cash transfer programme, which provides funds to the poorest households and benefits over 5.7 million households, is a credible outreach.

However, dismissing the twin policies as “unforced errors” ignores the unsustainable nature of the previous subsidy regime and multiple exchange rate systems, which were draining public finances. A more balanced critique would acknowledge the necessity of reform while emphasising the need for better-targeted social safety nets.

As of today, the Tinubu administration has recorded over 900,000 beneficiaries of the Presidential Loan and Grant Scheme, over 600,000 beneficiaries of the Students’ Loan Scheme, NELFUND, N70,000 minimum wage, NYSC monthly stipend increase from N33,000 to N77,000, Free CNG kits distributed to thousands of commercial drivers across Nigeria with CNG buses rolled out in partnership with state governments, leading to a significant drop in transport costs. The administration also recorded over $10 Billion FX debt cleared, Federal account allocation to states growing by 60%, enabling more local development projects, N50 billion released to end the perennial ASUU strikes, and over 1,000 PHCs revitalised nationwide with an additional 5,500 undergoing upgrades.

The administration also disbursed N75 Billion in palliative funds to states and LGs for food distribution and cash transfers, over 150,000 youths are being trained in software development, tech support and data analysis under the 3 Million Technical Talent (3MTT) project, over 20,000 affordable housing units under construction under the renewed Hope cities program launched across Nigeria, N200 Billion in Loans to farmers and agro-processors. Other gains: over two million Nigerians are now connected to new digital infrastructure and community broadband hubs and public WiFi projects, 3.84% GDP growth in Q4 2024 (highest in 3 years), over $50 Billion in new FDI Commitments, Net Foreign Exchange Reserves up from $3.99 Billion (2023) to $23.11 Billion (2024), over $8 Billion in new oil and gas investments unlocked, and over $800 million realised in processing investments in solid minerals in 2024 and inflation as at April was down to 23.17%.

It is now pertinent to inquire from opposition leaders about alternative strategies they would propose in contrast to this administration’s extensive list of significant achievements currently benefiting Nigerians in real-time.

Cost of Governance and the Oronsaye Report

The assertion that the Tinubu administration has failed to implement the Oronsaye Report and instead increased governance costs is inaccurate. The Oronsaye Report, which recommends the merger or scrapping of government agencies to reduce expenditure, has not been fully implemented and has drawn criticisms; it must be noted, however, that the administration has made some efforts to improve fiscal discipline. The fiscal deficit was reduced from 5.4% of GDP in 2023 to 3.0% in 2024, and the debt service-to-revenue ratio dropped from nearly 100% in 2022 to under 40% by 2024. The government also recorded over N6 trillion in revenue in Q1 2025, partly due to removing Ways & Means financing and fuel subsidies. These steps demonstrate fiscal prudence and will eventually translate into immediate, tangible relief for citizens. The administration is working earnestly to address these optics and prioritise cost-cutting measures, including implementing the Oronsaye Report, to restore public trust.

Allegations of Prebendalism and Corruption

Afenifere’s claim that the administration favours “the privileged and connected” through corrupt palliative distribution and mega-project allocations is questionable. Reports of palliatives being mismanaged or distributed through unverified channels have no doubt surfaced, raising concerns about transparency.

The administration has taken steps against corruption, such as suspending Humanitarian Affairs Minister Betta Edu in January 2024 over alleged fund diversion, signalling some commitment to accountability. Critics may argue that more systemic action is needed, but dismissing all the efforts as propaganda overlooks these initial steps.

Without abusing Presidential powers, the administration is working on expediting action on all pending investigations and prosecution of corrupt practices. At the same time, critical agencies are collating credible evidence on ongoing corruption litigations. It must, however, be noted that in 2024, the Economic and Financial Crimes Commission (EFCC) secured a record-breaking 4,111 convictions, marking its most successful year since its inception. They recovered over N364 billion and significant amounts in foreign currencies, including $214.5 Million, $54,318.64, and 31,265 Euros.

The EFCC achieved its single most significant asset recovery in 2025, with the final forfeiture of an Abuja estate measuring 150,500 square meters and containing 725 units of duplexes and other apartments. The EFCC concluded the final forfeiture and handed the estate to the Ministry of Housing in May 2025.

Democratic Concerns and Centralisation

Afenifere’s accusation that the Tinubu administration is pursuing a “one-party state totalitarianism” and undermining democratic institutions is unsupported and lacks merit. The claim of neutralising the legislature and judiciary is also a false alarm.

The public should note that the Supreme Court has upheld opposition victories in states like Kano, Plateau, and Abia, suggesting judicial independence. The Independent National Electoral Commission (INEC) has faced criticism for allegedly appointing individuals said to be ruling party affiliates, but no evidence confirms these appointees are card-carrying APC members.

The allegation that the Tinubu government cracks down on peaceful protesters is primarily unfounded. It is a regurgitated rhetoric deployed under previous administrations as a reflection of broader challenges in Nigeria’s democratic culture.

The issue of the State Police is more complex than the oversimplified approach of the factional Afenifere’s statement. Every administration policy is subject to security impact assessment before implementation, and there is a difference between the State Police being widely advocated and a Police State that critics may blame the Federal Government for if implemented without caution.

Security and Social Welfare

Contrary to the impression created, the administration’s security record is impressive. Over 13,500 terrorists, bandits, and insurgents have been neutralised and 7,000 arrested in the past year, though there is still some news of abductions and violent attacks. The administration’s proactive response to security-related matters has paved the way for more farmers to return to their farms, impacting food production and supply.

The administration also embarked on agricultural initiatives, including tractor procurement, fertiliser distribution, and increased mechanisation.

The government has also not relented on its Regional Development drive as the administration succeeded in establishing Development Commissions across 6 Geopolitical zones (South West, North West, North Central. North East, South East and the Niger Delta) to empower communities and accelerate developments.

Political Climate and 2027 Elections
The claims of government-sponsored conflicts within opposition parties lack concrete evidence and should be ignored.

Economic reforms are undoubtedly laying the foundation for long-term stability, with GDP growth at 4.6% in Q4 2024 and a Fitch B credit rating upgrade as evidence. Moody’s Investors Service’s latest upgrade of Nigeria’s rating from Caa1 to B3, with a Stable Outlook, indicates that the Tinubu administration is on the right path.

The government is not oblivious to some discontent and difficult times among Nigerians. There is an urgency to deliver more tangible results, which is guaranteed given the impressive performance of the administration in just two years.

Afenifere’s statement saw the cup as half empty. On the contrary, it’s half full. Under President Tinubu’s administration, some of Nigeria’s hydra-headed problems are being tackled headlong.

The administration has achieved fiscal improvements, such as reduced deficits and increased revenues, which will eventually translate into meaningful microeconomic relief for most Nigerians in the short term, even as the government moves to address these issues with greater empathy and transparency.

The administration’s demonstrable priorities are securing the nation, fixing the economy, and improving human capital development.

Responsible citizens and political leaders must work collaboratively with the administration to address the challenges and counter disinformation, as highlighted in the admonition against fake news and deceptive AI videos.

Under President Tinubu’s leadership, Nigeria is turning the corner. From stabilising the naira and curbing inflation to reducing debt burdens and

expanding access to education and health, the administration delivers bold reforms with actual results. With improved security, regional inclusion, anti-corruption measures, and institutional rebuilding, Nigeria’s comeback story is not yet complete — but it is firmly underway.

– Sunday Dare is the Special Adviser to Mr. President on Media and Public Communications.

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