The Minister of Solid Minerals Development, Dele Alake, says the current economic hardship being experienced in Nigeria is painful but necessary for the country’s long-term growth and stability.

Alake stated this on Thursday at the maiden edition of the Solid Minerals Excellence Awards held in Abuja.

According to the minister, Nigeria is undergoing a major economic transformation aimed at building a resilient economy through strategic reforms, industrial growth, and sustainable development.

He said the administration of President Bola Tinubu remained committed to implementing bold reforms to tackle corruption, weak institutions, economic instability, and overdependence on oil revenue.

“Effective leadership must be driven by vision, knowledge, and courage,” Alake said.

The minister explained that meaningful national progress could only be achieved through policies designed for long-term national interest rather than short-term political gains.

He noted that reforms avoided by previous administrations due to political pressure were now being implemented to reposition the economy for future growth.

Alake compared the current reforms to the transformation in Lagos State, where initially controversial policies eventually led to stronger institutions, increased revenue generation, and economic expansion.

He described the mining sector as a key component of the Federal Government’s economic diversification agenda under Tinubu’s Renewed Hope programme.

“The ministry has undertaken comprehensive reforms targeting illegal mining, weak regulatory structures, insecurity, dormant licences, and lack of transparency in the sector,” he said.

According to him, the digitisation of mining operations and licensing processes has improved transparency, simplified access to licences, and attracted more investors into the sector.

Alake also disclosed that the government had expanded the Mining Marshals initiative by deploying more than 2,000 personnel nationwide to combat illegal mining activities.

He said the effort had already resulted in several arrests, prosecutions, and improved compliance among mining operators.

The minister further stressed the importance of local mineral processing and value addition, noting that such measures would support industrialisation, create jobs, and encourage technology transfer.

Earlier, the Permanent Secretary of the Ministry of Solid Minerals Development, Yusuf Yabo, said the awards ceremony reflected the government’s commitment to transforming the mining sector into a globally competitive contributor to economic growth.

Also speaking, the President of SOMEA, Oladunmi Owo, described the initiative as a platform to recognise contributions to reforms and sustainable development within the mining industry.

The awards ceremony, themed “Unlocking the Future”, honoured individuals and organisations across categories, including Leading Mining Company of the Year, Excellence in Sustainable and Safe Operations, and Outstanding Contribution to Sector Growth.