He also assured those interested in investing in Nigeria that his government was determined to create a conducive atmosphere for genuine businesses to thrive.
Tinubu made this known at the second edition of The African Natural Resources and Energy Investment Summit themed: “Towards a Just Transition” on Tuesday in Abuja.
He warned that the government would no longer tolerate criminal adventures and their criminal collaborators.
According to him, the government will do everything possible to lower the risks of investment by overcoming the temptation to interfere in the legitimate business operation of duly licensed miners.
The President who was represented by the Secretary to the Government of the Federation, Dr George Akume, said, “Today is a new beginning for the people of Nigeria, and our friends all over the world. Many participants have travelled from far regions to attend this forum because they believe in the huge potential of our country, the friendship of our people, and the visionary policies of our administration.
“Nigeria is open for business. we are willing to develop our God-given resources with genuine partners who share the vision of equitable distribution of wealth produced in our country with our people. we are ready to walk the talk of renewed hope with lovers of human development, to achieve the sustainable development goals of banishing poverty, disease, and hunger from our fatherland”.
Highlighting some of the challenges of the sector, Akume noted that the lack of comprehensive and certified data to guide investment financing starves the sector of critical funds adding that the allegations of sharp practices in the licensing process undermine the commitment to transparency.
He added, “Our administration shall wake up the sleeping giant that the solid minerals sector is today, to play its strategic role in the economy, by providing jobs for our people, improving the revenue accruable to the government, and establishing an industrial sector that is the envy of the world.
“Nigerians did it with the petroleum sector against the odds. petroleum became our largest source of revenue. We shall do it again with the solid minerals sector, wiser, and better because we have learned useful lessons.
“Recently, to demonstrate our full support for the way he has carried out his assignment, the federal executive council adopted the seven-point agenda presented to the council as the policies of our administration to clean up and position the sector for healthy business practices and navigate the international mining industry.”
Akume further appealed to governors, who, as heads of our sub-national organs, share the responsibilities imposed by the federal provisions of our constitution, to continue the spirit of cooperative federalism by observing the exclusive jurisdiction in which mineral development falls.
Earlier in his address of welcome, Minister of Solid Minerals Development, Dele Alake, stated that the AFNIS event was also an opportunity to discuss new ideas and display new technologies channeled towards sustainable and equitable practices in harnessing our natural resources and developing our energy systems.
He also called for the adoption of policies that provide a safety net for those who might be negatively affected by this transition.
Alake said, “The African Continent has long been the source of invaluable mineral wealth that has contributed to global development, but it is time for us to redefine the narrative and shape the future. Our resources must become the engine of our own prosperity and the well-being of our people. We must set the foundation for a just transition that fosters inclusive growth and minimizes the environmental impact.
“In Nigeria, we have witnessed the transformative potential of our solid minerals sector and the vast opportunities that lie within it. We are committed to harnessing these resources effectively, efficiently, and sustainably to drive economic growth and create prosperity for our citizens. Our efforts in this direction have already yielded positive results, with increased exploration, investment, and responsible mining practices taking center stage.”
