The Minister of Solid Minerals Development, Dr. Henry Dele Alake has described the 2022/2023 Audit Report of the Nigerian Extractives Industries Transparency Initiative (NEITI) on the Solid Minerals sector as a critical document that reflects the administration’s collective efforts toward transparency, accountability and sustainable development within Nigeria’s solid minerals sector.
Alake spoke on Wednesday in Abuja, at the public presentation of the Audit Report, commended the Dr. Orji Ogbonnaya Orji-led Management of NEITI for “their outstanding commitment to a Report that continues to serve as an invaluable resource for the government, industry, civil society, and the public.”
The minister, who was represented by the Executive Secretary and Chief Executive Officer of the Solid Minerals Development Fund (SMDF), Hajia Fatima Umaru Shinkafi, stated: “Today’s report launch is more than a presentation of data, it is a powerful statement of our determination to build a future where Nigeria’s mineral resources drive economic diversification, generate sustainable revenue, and contribute meaningfully to national development,” adding that Nigeria’s economy has historically relied on oil and gas.
While saying that global economic challenges and Nigeria’s increasing need for diversified revenue streams underscore the importance of developing the country’s solid minerals sector, the minister assured that the Ministry of Solid Minerals Development is at the forefront of championing policies and reforms to ensure that the solid minerals sector becomes a strong pillar of Nigeria’s economy, contributing to job creation, sustainable development, and resilience.
Discussing policy initiatives put in place to facilitate economic diversification, the minister stated: “At the Ministry, we have introduced targeted policy initiatives that are laying the groundwork for accelerated growth in the solid minerals sector. These initiatives are designed to attract both domestic and foreign investments, streamline the regulatory environment, and create a stable, predictable framework for investors.”
He pointed out the National Mineral Resources Development Policy provides a clear direction for sustainable mining practices, environmental protection, and resource optimization.
Alake said the administration of President Bola Ahmed Tinubu has undertaken reforms to improve licensing processes and encourage responsible mining, which aims to create business-friendly environment that strengthens investor-confidence and fuels economic growth.
According to the minister, “government is committed to developing a value chain within the solid minerals sector, one that leverages both upstream and downstream activities to maximize the benefits Nigeria’s natural resources.”
“Our goal is to ensure that Nigeria not only exports raw materials but also builds a robust processing and manufacturing industry that retains more value within the country.”
He discussed the essence of the Ministry’s collaboration with NEITI, saying that it aims to enhance accountability and boost revenue generation.
“I must emphasize that the importance of our partnership with the Nigeria Extractive Industries Transparency Initiative (NEITI) is to promote transparency and accountability, a process that is essential to unlocking the sector’s full potential.”
“Through our close collaboration with NEITI, we are implementing strategies to increase revenues generation, reduce leakages, and optimize the revenue accruable to government through the use of credible data from NEITI independent reports.”
“Together with NEITI, we are working to ensure that every mineral extracted is properly accounted for, and that the revenues generated contribute directly to national development.”
According to the minister, the insights provided by the 2022/23 Solid Minerals Industry Report will play an important role in refining government policies and approaches and enabling decisions that are data-driven, and which will positively impact the economy.
“We are committed to creating a transparent system where revenues from the solid minerals sector are used for the benefit of all Nigerians.”
In his goodwill message, the Auditor General of the Federation, Shaakaa Kanyitor Chira said the 2022/2023 Audit Reports will help Nigeria to assess the level of attainment of government’s “Renewed Hope Agenda,” especially in its drive to diversify Nigeria from mono-product to a multi-product economy,” adding that there is need for deeper collaboration between NEITI and his apex Auditing Agency toward maximizing the realization of set goals.
Chira also commended what he described as “strides made by NEITI since its inception,” stating that “NEITI has not only remained a source of hope for Nigeria’s transformation by ensuring the effective harnessing of her extractive resources, but has also entrenched transparency and accountability in the sector.”
He described the presentation of the Audit Report as a testament to NEITI’s avowed commitment to fulfilling its core mandate and the founding fathers’ dreams for a better Nigeria.
Discussing the need to diligent harnessing of the country natural resource endowments, the Auditor General said: “I am not in doubt that the resources God has endowed Nigeria with; in the extractive sector alone, if properly harnessed, can be the impetus for launching the country into one of the world’s developed countries in terms of both the Gross Domestic Products (GDP) and Per Capita Income. I am therefore convinced that with the way NEITI is going, given the enabling environment and appropriate support, getting to that point may not take a long time from now.”
“I commend the Executive Secretary/CEO of NEITI, Dr Orji Ogbonnaya Orji, for his doggedness and unparalleled commitment to the ideals of transparency and accountability in the extractive sector; encapsulating both oil and gas and solid minerals.”
“As the Auditor-General for the Federation, I want to assure the Executive Secretary/CEO of NEITI that my Office is ready to collaborate with NEITI to deepen the audit of the extractive sector. One major area of such collaboration will be through performance audit. I am optimistic because the performance audit of the extractive sector will always bring value addition to the table. The outcome of the performance audit will further enable the Federal Government to know specific deliverables attained so far as well as the challenges preventing the attainment of other desired goals.”
Secretary to the Government of the Federation (SGF), Senator George Akume who is the Chairman, NEITI National Stakeholders Working Group (NSWG), said the Report sheds new light on the performance of the solid minerals sector, its achievements and challenges, adding that the Report aims to provide stakeholders with evidence-based insights needed to drive policy decisions, investments and operational improvements.
“This Report provides the Nigerian pubic with how our shared natural resources are being managed,” he said, and assured that the NEITI Board is ready and committed to providing robust policy guidance and oversight to ensure that NEITI’S objectives are consistently achieved.”
“We recognize that the journey toward full transparency requires unwavering dedication, responsiveness to evolving industry challenges, and a commitment to the highest standard of governance.”
“NEITI NSWG is fully prepared to support this cause.”
On the issue of deeper collaboration, the NEITI NSWG Chairman agreed that building better stakeholder engagement based on regular exchanges of information and data are also a priority for the NEITI Board.
“It is through close collaboration with stakeholders which include our government partners, industry players, civil society organizations, and members of the media, that NEITI can successfully fulfill its role,” Akume added.
