FG backs South-South plan to unlock region’s mineral wealth

The Federal Government has extended its support to the South-South Development Commission's initiative to utilize the region's mineral resources, according to the Minister of Solid Minerals Development, Dele Alake. The commission's Director-General, Usoro Akpabio, led a delegation to the ministry in Abuja to discuss this collaboration.

Alake emphasized that the solid mineral deposits in the oil-producing South-South region could foster job creation, attract investment, and contribute to economic diversification. This partnership aligns with President Bola Tinubu's broader strategy to leverage the six geopolitical development commissions to unlock economic opportunities across Nigeria.

The ministry's ongoing reforms aim to transform mining into a significant driver of industrialization by promoting local processing, responsible mining, investment, and stronger regulation. Foreign direct investment in Nigeria's mining sector has already surpassed $2.6 billion, with new processing facilities emerging and generating employment opportunities.

Alake urged the South-South states to take advantage of the Federal Government's framework that allows them to participate directly in mining through state-owned special purpose vehicles and valid mining titles. He cautioned against policies that could conflict with federal mining regulations, stressing that regulatory certainty is crucial for attracting long-term investments.

Both sides agreed on the importance of regional stakeholder engagement and investment showcases to attract investors to mineral opportunities in the South-South.