Federal Executive Council (FEC) has permitted Ministry of Solid Minerals Development to unveil a new draft policy that would drive operations of the sector.
The minister, Dele Alake, who disclosed this to newsmen, yesterday, said approval for a review of the policy became necessary because in a couple of years resources from oil would go extinct, leaving the country in dire straits.
He underscored the relevance of solid minerals as critical to the economic survival of Nigeria, considering volatility and uncertainty in the global oil market.
Alake, while throwing light on a memo presented before FEC, presided over by President Bola Tinubu, noted that clamour for green energy solutions, among other emerging innovations, combine in reducing the value of oil in the international market.
“Of course, oil is still sold. However, the trend is going down. So, if we are not careful, if we do not make conscious efforts to diversify, in a couple of years, Nigeria will find itself in dire economic straits. And if we have an abundance of solid mineral resources, why shouldn’t we diversify, concentrate, exploit judiciously, proficiently and efficiently, these God-given abundant resources?”