‘In line with the emphasis of the Tinubu administration to promote efficiency and effectiveness of public agencies, the federal government reviewed the activities of the Nigerian Mining Cadastral Office (MCO)’ and ensured the enhancement of the digital platform (EMC+) to ease applications processing globally online; Minister of Solid Minerals Development, Dr. Henry Dele Alake has said.
The Minister, who spoke in Abuja on Friday at a ministerial retreat on ‘Enhancing Performance, Strengthening Accountability, and Fostering Innovation in the Solid Minerals Sector,’ said the effort produced desired outcomes.
While saying that the government revoked 924 licences for dormancy, he explained that 1,633 additional licences were revoked for defaulting in annual service payments.
He said there is an upward review of rates of MCO’s services to check speculation and maximize financial investment in the technology, adding that there is a rise in revenue from N12 billion in 2023 to N36 billion in 2024.
According to the minister, licence revenue also increased from N6.07 billion in 2023 to N12.58 billion in 2024.
Discussing the success of the government in attracting foreign investment to the minerals sector, the minister explained that there is a record rise in registered mining companies from 883 in 2023 to 1,025 in 2024, a paradigm shift that denotes the policy success of the government in its investment drive.
The minister, who said the ministry also reviewed the operations of the Mines Inspectorate Department (MID) and royalties, said the effort also yielded desired results, stating that “the royalties paid rose from N17.5 billion in 2023 to N36.8 billion in 2024.
