“This is our next oil, and that is why we are here.”

The Acting Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zachaeus Adedeji, has expressed confidence in the potential of the solid minerals sector to boost Nigeria's economy. During a recent meeting with the Minister of Solid Minerals, Dele Alake, Adedeji highlighted the sector's capacity to reduce the country's heavy reliance on the declining oil and gas industry.

Adedeji emphasized that the solid minerals sector, with its taxable limit of up to 18 percent of the Gross Domestic Product (GDP), could make a substantial contribution to Nigeria's revenue. Currently, the oil and gas sector accounts for a significant 78 percent of taxable income, making diversification into solid minerals increasingly important.

Adedeji stated, "This is our next oil, and that is why we are here. If we get it right in this sector, it means the future of Nigeria is secured. We are confident in having Dr. Oladele Alake as the Minister of Solid Minerals; half of our job is secured."

In response, Minister Alake reaffirmed Nigeria's commitment to achieving economic growth and prosperity. He outlined the administration's initiatives, policies, and programs aimed at revitalizing the economy in line with President Bola Ahmed Tinubu's vision.

The Minister stressed the importance of accurate data collection, saying, "We will invest heavily in data generation, concise and precise data generation that will empower and enable investors to make informed decisions." This commitment is a crucial part of the strategy to tap into the $700 billion worth of minerals beneath Nigeria's soil.

Additionally, Minister Alake commended the Africa Finance Corporation (AFC) for its support in transforming the solid minerals sector. During a visit by AFC's President and Chief Executive Officer, Mr. Samaila Zubairu, the Minister emphasized the need for collaborative efforts to improve data collection and create a favorable environment for investors.

Zubairu underscored the significant value of Nigeria's solid minerals and advocated for a framework to support local investors, ultimately increasing tax revenues for the country. The AFC pledged its support for initiatives such as the Big Data project, value-added processing centers, and enhanced security measures, all of which are vital for driving the growth of the solid minerals sector.