The Kwara State Government has successfully registered five Special Purpose Vehicles (SPVs) to streamline investment opportunities and enhance operations in the mining sector. The initiative, announced during an inter-ministerial press briefing in Ilorin by the Commissioner for Solid Minerals Development, Dr. Afees Abolore, aims to formalize mining activities and curb illegal operations across the state.
Kwara, renowned for its abundant mineral resources, particularly in the northern regions, has faced challenges with unregulated mining activities that pose significant security risks. Dr. Abolore stated that the licenses for the SPVs would be issued by the end of the first quarter of the year, enabling seamless investment and boosting the state’s internally generated revenue (IGR).
“Our efforts to minimize illegal mining activities in the state are ongoing and yielding results,” Dr. Abolore affirmed, emphasizing the government’s commitment to regulating the sector.
The state plans to collaborate with the Federal Ministry of Solid Minerals Development and other key stakeholders to promote sustainable mining practices. Highlighting Kwara’s status as a leading producer of solid minerals in Nigeria, Dr. Abolore assured that the government is committed to harnessing the state’s mineral wealth for economic growth and development.
