Kwara Government Establishes 5 SPVs for Solid Minerals Development
The Kwara State Government has successfully registered five Special Purpose Vehicles (SPVs) to enhance investment opportunities in the state’s mining sector.
Kwara State, known for its rich mineral resources, especially in the northern regions, has long faced challenges due to the lack of comprehensive regulatory policies, leading to the rise of illegal mining activities that pose significant security risks.
At an inter-ministerial press briefing in Ilorin, Dr. Afees Abolore, the Commissioner for Solid Minerals Development, announced that licenses for the five SPVs would be issued by the end of the first quarter of the year, “all things being equal.” These SPVs, once operational, are expected to create smoother pathways for investment in mining operations and significantly boost the state’s internally generated revenue.
Abolore also highlighted ongoing efforts to combat illegal mining in the state, promising that the government would take every necessary step to minimize such activities to the barest minimum.
The commissioner reiterated that the state government would continue to collaborate with the Federal Ministry of Solid Minerals Development and other key stakeholders to improve mining practices and related activities across Kwara State.
He emphasized that Kwara has been recognized as one of Nigeria’s top solid mineral-producing states, and under his leadership, the ministry is committed to harnessing the full potential of these resources to drive economic growth and development for the people of Kwara.
