Nigeria Mining Week: FG plans to develop local industries, generate employment, create wealth — VP

… Ministry records N3.88b increase in 2021 against N2.3b in 2020

By Gloria Akudoro, Abuja

The Nigeria Vice President, H.E Prof. Yemi Osibanjo said the Federal Government has laid down plans to developing local industries, generate employment and focus on resource beneficiation to create wealth along with the mineral value chain.

Prof. Osibanjo disclosed this on Tuesday, while formally declaring  open, this year 5th Series of the Nigeria Mining Week held virtual on the theme, “Seven Compelling Reason to Invest in Nigeria’s Mining Sector”.

According to him, “There’s an ongoing review of the Nigeria Mineral and Mining Act 2007. This is aimed to bringing legislation into conformity with best practices, limiting the role of government to that of regulation and creating the space for the private sector to maintain a more expansive presence in the sector.

“This early evidence showed that our framework is on the right track. It is an inflow of notable investment which includes; thorough explorations.

“In 2016, FG commissioned Dukiago and Precious Metals to be a foremost indigenous refiner and trade of gold and other precious metals,” he said.

The Vice President, explained that the potential impact on the gold sector was nothing short of revolutionary by enabling off-take opportunities construction of precious metals buying centre to see as spark for more small and medium scale mining investment.

Speaking, the Minister, Ministry of Mine and Steel Development, Arc. Olamilakan Adegbite, disclosed that the ministry has recorded N3.88 billion increase in 2021 against N2.3 billion in 2020 with two months still remaining in this year to achieve higher revenue.

He said, “the secret of the sudden jump can be attributed to the introduction of ‘First Come, First Serve’ and ‘Use it or Loose it’ in the licensing  administration.

“This has helped to re-organize, eliminate speculators and led to the revocation of about 1,566 mineral titles and advocated many domant licenses and increase revenue inflow into the treasury.

While delivering his keynote, Adegbite, stressed on the event titled “Seven Compelling Reason to Invest in Nigeria’s Mining Week Sector,” noting that he would, however, give a hundred compelling reasons to Invest in Nigeria’s mining industry.

“For starters, we are endowed with over 44 different mineral type occurring in commercial quantities in over 500 location across the 36 states  and the Federal Capital Territory. These mineral endowments broadly cut across various mineral spectrums.

“We have industrial minerals such as barite, kaolin, gypsum, feldspar and limestone and also reach with energy minerals such as bitumen, lignite, uranium and metalic minerals like gold, cassiterite, columbite, iron ore, lead-zinc and cupper,” he noted.

The Minister further hinted that it had adopted a forward-thinking approach by developing the strategic minerals of the future.

He added that it included minor metal such as titanium and cobalt which are essential to futuristic industries like telecom and electronic vehicle manufacturing.

“We have indeed created a very business-friendly environment in the mining sector through reforms that grow out of the map-road for the growth and development of the Nigeria Mining industry. The roadmap was formulated in 2016,gave us a clear policy direction on how to develop the sector which we have adhere to regorously to unlock the potential in the sector.

“This is in-line with President Muhammadu Buhari’s determined resolve to diversify the economy, weaning it off its addiction to hydrocarbon sector. To this end the m has contributed to work hard to increase the revenue generated from the sector and its contribution to the national GDP,” the Minister stressed.

In his welcome address, the Country Senior Partner, PWC, Uyi Akpata, stated that “the Nigeria Mining Week remains our partner of choice, the due maker platform and an exclusive network opportunity for key stakeholders in this sector”.

He said considering the vast array of Nigeria Mining and Natural Resources, the event gave an opportune moment to showcase the country as the number one investment destination for mining.

“I am extremely confidence that this year week will highlight that the nation is ready to explore it mineral potentials. It is open, condusive and welcomes local and foreign investment and investors,” Apkata noted.