Tinubu: We won’t tolerate criminal adventurers, local partners sabotaging Nigeria’s economy

President Bola Tinubu says his administration will no longer tolerate “criminal adventurers and their local collaborators” who exploit Nigeria’s socioeconomic environment to sabotage the nation.   

Tinubu gave the warning on Tuesday while speaking at the opening ceremony of the 2nd edition of the Africa Natural Resource And Energy Investment Summit in Abuja.

The president, represented by George Akume, the secretary to the Nigerian government, said the country is open for businesses to develop its resources with genuine partners.

He said Nigeria is ready to “walk the talk of renewed hope” with lovers of human development, to achieve the sustainable development goals of banishing poverty, disease, and hunger. 

“Dear investors, we are determined to create the conducive conditions for genuine businessmen. We welcome you and shall do everything possible to assist law-abiding businesses to operate in our country,” Tinubu said. 

“However, we shall no longer tolerate criminal adventurers and their local collaborators who exploit our socio-economic environment to sabotage our nation, in the guise of bringing business. Those caught will face the full wrath of our laws.” 

Tinubu said the current administration will awaken the sleeping giant — the solid minerals sector — to play its strategic role in the economy,  by providing jobs “for our people, improving the revenue accruable to the government, and establishing an industrial sector that is the envy of the world”. 

“Nigerians did it with the petroleum sector against the odds. Petroleum became our largest source of revenue. We shall do it again with the solid minerals sector, wiser, and better, because we have learnt useful lessons,” Tinubu said. 

The president, however, acknowledged that the challenges of the sector are enough to overwhelm investors.

According to Tinubu, the indiscriminate and illegal mining of richly endowed regions “cheat our country of vast revenue”.

The politician added that the threat of bandits oppressing villagers and exploiting the mines “to raise money for insurgency is a national emergency”.

“The lack of comprehensive and certified data to guide investment financing starves the sector of critical funds; the allegations of sharp practices in the licencing process undermines our commitment to transparency,” he said.

Tinubu admitted the challenges in the sector are well known to his administration.