Mining: FG orders partners to boost sector as it gets $2bn pledge
By Gloria Akudoro, Abuja
In its quest to diversify the nation’s economy away from crude oil, generate jobs for the teeming youths in line with President Muhammadu Buhari’s agenda, the Federal Ministry of Mines and Steel Development has taken a step further to direct development partners to grow the mining industry as its received $2billion pledge.
The Minister of State Mines and Steel Development, Dr Uchechukwu Ogah, made this disclosure while delivering his keynote address during the Dubai World Expo 2021, themed, “Investment in the Nigerian Gold Sector: Opportunities in the Gold Value Chain” held in Abu Dhabi recently.
Dr. Ogah, who was honoured with the “Excellence In Public Service Award” by FIN-Africa-UAE Trade and Investment Forum Dubai, expressed gratitude to His Royal Highness, Sheikh Hamdan bin Khalifa, for the sum of $2bn pledged to Nigeria for the country’s sustainable development drive.
He assured of Federal Government’s commitment to ensure appropriate deployment of the funds, when the Agreement is signed.
The Minister however, noted that the Expo, with participants from over 200 countries, provided the opportunity to showcase the potentials of Nigerian minerals sector on Dubai soil with special emphasis on gold and other precious minerals abundant in Nigeria.
“I must confess that there cannot be a better platform to showcase the Nigeria Gold sub-sector than on this platform with notable global organizations and investors, minerals beneficiation companies, global financial institutions, commodity trading companies etc all in one event,” he noted.
He also disclosed that the need for the diversification of the economy has become more compelling now in the post COVID-19 era. Adding that the Federal Government has established policies that will support sustainable development of Nigeria’s gold resources and development, as well as consideration of general matters on gold Mining Administration and Incentives.
“President Muhammadu Buhari led administration is determined to consolidate on the gains of diversification as it forms the critical backbone of industrialization,” the Minister said.
Also Speaking, Zulfiquar Ghadiyali, Executive Director, Royal Office of Sheikh Hamdan bin Khalifa and Global Peace Ambassador, United Nations, disclosed that the pledge of 2 billion dollars from its Sustainability Fund is to further cement the very close trade and bilateral relationship that exist between the two countries. He noted that peace in Africa can only be attained through sustainability development. Adding that, “if there is substantial development, you will automatically have peace.”
Earlier, in a related development, Dr. Uchechukwu at the Intra-African Trade Fair 2021 held at the Durban International Convention Centre, South Africa, recently, with the theme, “Building Bridges for a Successful AfCFTA,” noted that the promotion of Intra-African Trade Fair is a unique platform for facilitating trade and investment as well as information exchange in support of African Continental Free Trade Area, (AfCFTA) is a great medium for accelerating Africa’s integrated development as a pivotal continent.
While stating clearly the limitless trade opportunities that African economy can benefit of from the county’s diverse mineral resources, Dr. Ogah thanked the organizers, the Africa Export-Import Bank (Afrximbank) and the African Union Commission (AUC) as well as the the Republic of South Africa and the African Continental Free Trade Area (AFCFTA) Secretariat for a successful event.
