Economic Reforms Painful but Necessary for Nigeria’s Growth, Says Minister

Minister of Solid Minerals Development Dele Alake has said Nigeria’s current economic challenges are difficult but necessary as the country undertakes reforms aimed at building a more resilient and sustainable economy.

Speaking at the Solid Minerals Excellence Awards in Abuja, Alake said the administration of Bola Tinubu remains committed to implementing structural reforms designed to tackle corruption, institutional weaknesses and overreliance on oil revenue.

According to the minister, the government’s long-term strategy is focused on economic diversification, industrial growth and strengthening national institutions, even where reforms involve short-term hardship.

Alake identified the solid minerals sector as a key part of Nigeria’s diversification agenda, noting that recent reforms have targeted illegal mining, regulatory inefficiencies and transparency gaps.

He said the digitisation of licensing processes and the expansion of the Mining Marshals initiative have improved compliance and enforcement across the sector, while efforts to encourage local mineral processing are expected to boost industrialisation and job creation.

Also speaking, Permanent Secretary of the Ministry of Solid Minerals Development, Yusuf Yabo, said the awards reflect the government’s commitment to positioning the mining sector as a major driver of economic growth.

The event recognised individuals and organisations for contributions to innovation, sustainability and investment in Nigeria’s mining industry.