Economic Hardship in Nigeria Painful but Necessary – Alake
The Minister of Solid Minerals Development, Dele Alake, says the current economic difficulties in Nigeria are painful but are part of the necessary transition toward building a resilient and sustainable economy.
Alake stated this at the maiden edition of the Solid Minerals Excellence Awards (SOMEA) in Abuja.
He said Nigeria was undergoing a decisive economic transformation aimed at achieving long-term prosperity, industrial growth and national development through bold reforms and strategic leadership.
He said the administration of President Bola Tinubu remained committed to implementing difficult but necessary reforms to address corruption, weak institutions, economic instability and overdependence on oil revenue.
“Effective leadership must be driven by vision, knowledge and courage,” he said.
According to him, meaningful national progress can only be achieved through policies focused on long-term national interest rather than short-term political considerations.
He said President Bola Tinubu was determined to reposition the economy, adding that reforms previously avoided by past administrations due to political resistance were now being implemented to drive future growth.
The minister, drawing parallels with the transformation of Lagos state, noted that difficult reforms initially met strong opposition before ultimately leading to improved revenue generation, stronger institutions, and economic expansion
He said that the mining sector had been identified as a strategic pillar of the economic diversification agenda under the Renewed Hope programme of President Tinubu.
“The ministry has undertaken comprehensive reforms targeting illegal mining, weak regulatory structures, insecurity, dormant licences and lack of transparency in the sector,” he said.
He added that the digitisation of mining operations and licencing processes had enhanced transparency, simplified access to licences and attracted increased investor participation.
Alake said the government had strengthened enforcement on mining sites by expanding the Mining Marshals initiative, deploying over 2,000 personnel nationwide to combat illegal mining, leading to arrests, prosecutions, and improved compliance among operators.
He stressed the need for local value addition and domestic processing of minerals to drive industrialisation, job creation and technology transfer.
He said the initiative had already resulted in multiple arrests, prosecutions and improved compliance among operators, while also stressing the need for local value addition and domestic processing of minerals 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 celebration was also a recognition of partnerships, investments, innovation and transformation under the administration of the minister of solid minerals.
Also speaking, the President of SOMEA, Oladunmi Owo, described the initiative as a platform to honour contributions to reforms and sustainable development in the sector.
Omar Sahinolu, the Chief Executive Officer of D-Gold emphasised responsible mining practices, transparent governance and technological innovation.
The News Agency of Nigeria (NAN) reports that awards were later presented to distinguished individuals and organisations for their contributions to Nigeria’s solid minerals industry.
SOMEA was conceived to promote innovation, sustainability, responsible mining and to attract investment in Nigeria’s solid minerals sector, supporting economic diversification
The awards, themed ‘Unlocking the Future’, unveiled winners across high-impact categories that reflect the sector’s direction.
Categories honoured include Leading Mining Company of the Year, Excellence in Sustainable and Safe Operations, and Outstanding Contribution to Sector Growth, among others.
