Kwara State Launches Special Purpose Vehicles to Boost Mining Sector and Curb Illegal Operations
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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. Related Posts Tinubu Unveils Ambitious Economic Plan to Halve Inflation by 2025 President Bola Ahmed Tinubu has outlined an ambitious economic agenda aimed at reducing Nigeria’s inflation rate from the current 34.6% Read more Nigeria’s Path to Prosperity: Transforming Challenges Into Sustainable Success Over the past 14 years as the Founder of TEXEM, UK, and previously as a Director of Strategy in Cambridge, Read more Nigeria and the British Monarchy: A Legacy of Visits and Diplomatic Ties Throughout history, Nigeria has enjoyed a unique relationship with the British Monarchy, marked by mutual visits that reflect shared historical, Read more Nigerian Equities Market Defies Economic Challenges, Posts Record N21.8 Trillion Gain in 2024 The Nigerian equities market demonstrated exceptional resilience in 2024, achieving a remarkable gain of N21.845 trillion despite economic headwinds such Read more Olawale Moses OyewoleOlawale Moses Oyewole is an adept writer who stays on top of current events and curate informative and engaging articles for his readers. He is a digital strategist who help brands gain online visibility.