Nigeria Cancels 1,263 Mineral Licences, Moves to End Speculation in Mining Sector

The Federal Government has revoked 1,263 mineral licences in a move to curb speculation and boost genuine investment in the mining industry.

The licences affected include 584 exploration licences, 65 mining leases, 144 quarry licences, and 470 small-scale mining leases. According to the Ministry of Solid Minerals Development, the cancellations will free up these areas for fresh applications from serious investors.

Minister of Solid Minerals Development, Dr. Dele Alake, who approved the revocation on the recommendation of the Mining Cadastral Office (MCO), said the measure was necessary to eliminate speculators who hoard licences without developing them.

“The era of obtaining licences and keeping them in drawers for the highest bidder while financially capable and industrious businessmen are complaining of access to good sites is over,” Alake stated.

The government says the reform will create a more transparent and competitive sector while attracting credible investors to drive economic growth.

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