business

Economic reforms painful but necessary for Nigeria’s growth — Minister

The Minister of Solid Minerals Development, Dele Alake, the current economic difficulties in Nigeria are painful but part of the necessary transition toward building a resilient an

By Oyetoke Adedayo Ebenezer

2 min read 9 views Updated Oct 9, 2026
The Minister of Solid Minerals Development, Dele Alake, the current economic difficulties in Nigeria are painful but part of the necessary transition toward building a resilient and sustainable economy. Alake indicated this at the maiden edition of the Solid Minerals Excellence Awards in Abuja on Thursday. He indicated Nigeria was undergoing a decisive economic transformation aimed at achieving long-term prosperity, industrial growth and national development through bold reforms and strategic leadership.

From him, the administration of President Bola Tinubu remains committed to implementing difficult but necessary reforms to address corruption, weak institutions, economic instability and overdependence on oil revenue. “Effective leadership must be driven by vision, knowledge and courage,” he indicated. Alake showed meaningful national progress could only be achieved through policies focused on long-term national interest rather than short-term political considerations.

Tinubu was determined to reposition the economy, noting that reforms previously avoided by past administrations due to political resistance were now being implemented to drive future growth. Drawing parallels with the transformation of Lagos State, difficult reforms initially met strong opposition before eventually leading to improved revenue generation, stronger institutions and economic expansion.

He showed the mining sector had been identified as a strategic pillar of the 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 showed. The digitisation of mining operations and licencing processes had enhanced transparency, simplified access to licences and attracted increased investor participation.

Your reaction

Pass it on

Share this story

Social links open in a new tab

Story guide

Understand this story

Summary

The Minister of Solid Minerals Development, Dele Alake, the current economic difficulties in Nigeria are painful but part of the necessary transition toward building a resilient an The Minister of Solid Minerals Development, Dele Alake, the current economic difficulties in Nigeria are painful but part of the necessary transition toward building a resilient and sustainable economy. Alake indicated...

Key takeaways
  • The Minister of Solid Minerals Development, Dele Alake, the current economic difficulties in Nigeria are painful but part of the necessary transition toward building a resilient an The Minister of Solid Minerals Development, Dele Alake, the current economic difficulties in Nigeria are painful but part of the necessary transition toward building a resilient and sustainable economy.
  • Alake indicated this at the maiden edition of the Solid Minerals Excellence Awards in Abuja on Thursday.
  • He indicated Nigeria was undergoing a decisive economic transformation aimed at achieving long-term prosperity, industrial growth and national development through bold reforms and strategic leadership.From him, the administration of President Bola Tinubu remains committed to implementing difficult but necessary reforms to address corruption, weak institutions, economic instability and overdependence on oil revenue.
Article FAQ

What is this story about?

The Minister of Solid Minerals Development, Dele Alake, the current economic difficulties in Nigeria are painful but part of the necessary transition toward building a resilient an The Minister of Solid Minerals Development, Dele Alake, the current economic difficulties in Nigeria are painful but part of the necessary transition toward building a resilient and sustainable economy. Alake indicated...

Who published this story?

Glow 99.1 FM published this story with Oyetoke Adedayo Ebenezer listed as author.

When was it published?

May 15, 2026

Suspected kidnapper arrested while collecting N10m ransom in Oyo

Continue reading

Suspected kidnapper arrested while collecting N10m ransom in Oyo

Security · 2 min readRead next

Join the conversation

Comments (0)

No comments yet. Start the conversation.

Keep reading

US Warns Business Executives of Detention Risks in Nigeria

business

US Warns Business Executives of Detention Risks in Nigeria

The US State Department has warned American business executives about potential detention and travel restrictions in Nigeria during regulatory investigations and commercial disputes, while acknowledging continued trade and investment ties between both countries.

2 min read · 3 views

Dangote stops petrol sales to fuel importers

business

Dangote stops petrol sales to fuel importers

Dangote Petroleum Refinery has stopped selling petrol to major marketers that import fuel, accusing them of blending its products with imported petrol and potentially compromising product-quality distinctions.

2 min read · 2 views

Reader favourites

  1. 01Portugal to Face Super Eagles ahead of 2026 FIFA World Cup214 views
  2. 02Grammy Awards 2026: Full Winners List, Historic Wins & Major Snubs183 views
  3. 03SUSPECTED JIHADISTS ATTACK NIAMEY AIRPORT162 views
  4. 04Iran Threatens US After Trump’s Warning156 views