General News
Alake Challenges OAU to Turn Minerals Into Revenue
The Minister of Solid Minerals Development, Dr. Dele Alake, has urged Obafemi Awolowo University (OAU), Ile-Ife, to leverage its mineral resources and intellectual capacity to establish a world-class centre of mining excellence and generate additional revenue.
Alake gave the charge when he received a high-powered delegation of the university’s Governing Council, led by Professor Ralph Akinfeleye, in Abuja.
The Minister said the commercial value of minerals available within the university’s land could significantly reduce its dependence on government subvention if properly explored and developed.
He encouraged the institution to attract private-sector investors through joint ventures that would provide the capital, equipment and technical support required to develop its mineral assets.
According to him, such partnerships would enable the university to generate revenue while allowing its experts to participate as consultants and technical partners in exploration and mining activities.
“You have the resource endowment underground, and you have the intellectual capacity. You can bring in investors through a joint venture, and they can provide the capital and machinery. At the same time, the University earns revenue and your experts participate as consultants and technical partners,” Alake stated.
The Minister also stated that the Federal Government had restructured the development of Nigeria’s bitumen resources by opening designated bitumen blocks to competitive bidding by qualified investors.
He explained that ownership of land does not automatically confer ownership of mineral resources beneath it, stressing that such resources are vested in the Federal Government in line with the Constitution and relevant mining laws.
Alake said the government was committed to finding a balance between protecting legitimate interests of landowners and ensuring that mineral resources were developed in accordance with the law.
“The University owns the land, but where there are mineral resources, their exploration and exploitation must still be undertaken in accordance with the law. We must find a win-win situation that protects legitimate interests while upholding the Federal Government’s regulatory responsibility.” He added.
The Minister commended OAU for its longstanding contribution to the training of geologists and other professionals in Nigeria’s mining sector.
He challenged the university to expand its role beyond academic training to include mineral exploration, research, innovation, technology development and commercialisation.
Alake stressed that universities must bridge the gap between academic knowledge and practical application by converting research and expertise into solutions, enterprises and economic value.
He reaffirmed the Ministry’s commitment to creating a transparent, predictable and investment-friendly regulatory environment capable of promoting responsible mining, value addition and sustainable economic benefits for Nigerians.