Economic Reforms Painful But Necessary For Nigeria’s Growth — Alake

The Minister of Solid Minerals Development, Dele Alake, has said the current economic hardship facing Nigerians is painful but necessary for building a resilient and sustainable economy.

Alake stated this in Abuja at the maiden edition of the Solid Minerals Excellence Awards (SOMEA), where he said the country is undergoing a major economic transformation aimed at achieving long-term prosperity, industrial growth, and national development.

According to the minister, the administration of President Bola Tinubu remains committed to implementing difficult reforms required to address corruption, weak institutions, economic instability, and Nigeria’s dependence on oil revenue.

“Effective leadership must be driven by vision, knowledge, and courage,” Alake said.

He stressed that meaningful national development can only be achieved through policies anchored on long-term national interest, rather than short-term political considerations.

The minister noted that President Tinubu is determined to reposition the economy through reforms previous administrations avoided due to political resistance.

Drawing comparisons with the transformation of Lagos State, Alake said several reforms initially faced opposition but later resulted in improved revenue generation, stronger institutions, and economic expansion.

He explained that the mining sector has been identified as a key pillar of the federal government’s economic diversification agenda under the Renewed Hope programme.

According to him, the ministry has undertaken reforms targeting illegal mining, weak regulatory structures, insecurity, dormant licences, and lack of transparency in the sector.

Alake further disclosed that the digitisation of mining operations and licensing processes has improved transparency, simplified access to licences, and attracted new investors into the sector.

He added that the government has strengthened enforcement at mining sites through the Mining Marshals initiative, with more than 2,000 personnel deployed nationwide to combat illegal mining activities.

The minister said the initiative has led to arrests, prosecutions, and improved compliance among operators.

He also emphasised the importance of local value addition and domestic mineral processing to drive industrialisation, job creation, and technology transfer.

Earlier, the Permanent Secretary of the Ministry of Solid Minerals Development, Yusuf Yabo, said the awards ceremony reflected the federal government’s commitment to positioning the mining sector as a globally competitive driver of economic growth.

Yabo said the event also recognised partnerships, investments, innovation, and reforms recorded under the minister’s leadership.

Also speaking, the president of SOMEA, Oladunmi Owo, described the initiative as a platform established to honour contributions to reform and sustainable development in the mining sector.

In his remarks, the chief executive officer of D-Gold, Omar Sahinolu, highlighted the importance of responsible mining practices, transparent governance, and technological innovation.

The awards were presented to individuals and organisations for their contributions to Nigeria’s solid minerals industry.