AS diversification of the economy remains paramount, President Muhammadu Buhari, Tuesday, expressed satisfaction over inflow of investors into the mining sector since 2015.
Buhari who was represented by the Vice President, Prof Yemi Osinbajo, at opening ceremony of the 2022 Nigerian Mining Week that kicked off on November 1, 2022 in Abuja, maintained that his administration is getting the expected results in the mining sector since the beginning of his administration in 2015, which he prioritised the development of the country’s mineral resources to make the economy virile with the bid of becoming a major global player in the international market based on the abundant mineral resources in all 36 States and the Federal Capital Territory, FCT, Abuja.
He also commended organisers of 2022 Nigeria Mining Week; the Miners Association of Nigeria, MAN, PwC, and the Ministry of Mines and Steel Development for faithfully organizing the event in the last six years as they have outclassed other editions subsequently by showcasing Nigeria’s mineral assets and its dynamic mining ecosystem to potential local and international investors.
He said: “I must also say that this event is a very significant complement to our vision and sustained effort to accelerate the growth of the mining sector as a major contributor to Nigeria’s economic diversification programme.
“But we all know that The mining sector has always needed a transformational leap to contribute meaningfully to the envisioned economic growth of the country , because despite the glorious contribution of the mining sector to our national economy in the past and the abundance of mineral resources found in almost every state of the Federation, the growth of the sector stagnated for ,many years especially since the early 1970s. And there have been many notable efforts by previous administrations to wake the sleeping giant that is is the mining industry up.
“But at the beginning of our administration in 2015 we intentionally prioritised the development of the country’s mineral resources as one of the frontiers for economic growth. This led to the comprehensive Roadmap for the Growth and Development of the Nigerian Mining Sector and we have steadily followed the steps set out in the roadmap.
“So far, we can say without fear of contradiction that this administration has committed more resources to the development of the mining sector than any other government in the history of this country.
“And we are proud that the indices of development in the sector are rapidly changing. Part of these is the increased revenue generation and of course the unprecedented investment interest that the industry has attracted in the past few years.
“Nigeria, for the first time, has a world-class gold mine in Segilola, Osun state, operated by Thor Exploration. Also, Eta Zuma Mining and Industries limited, Mosra Enerji are mining and supplying the coal needs of Dangote and Bua Cement factories. In the steel industry, African Natural Resources and Mines limited, owners of the Kagarko Integrated Steel plant, is about to produce liquid Steel from its Iron ore mine in Kaduna State.
“Several other investors are at different stages of mine development in various parts of the country, and these strategic milestones will hopefully catalyse more mining investment in the country.”
However, the President acknowledged and pointed that, “The extraction of mineral commodities entails considerable impact on land, water, air and other environmental assets that are central to human living both now and in the future.
“The painful experience of the negative impact of oil and gas exploitation in the Niger Delta cannot be ignored. Therefore, all operators in the mining sector are obliged by law ethics, and our responsibility for the future, to ensure that proper environmental, social and governance principles are practiced in the sector.
“On our part, the government will continue to intensify its regulatory and supervisory role in ensuring that mining Is held to the highest standards of sustainable development and intergenerational equity.”
Meanwhile, he expressed hope that, “On a brighter note, it is now well known that the global energy systems are transiting to clean energy to reduce greenhouse gas emissions to zero.
“These massive changes will increase the demand for critical minerals for clean energy generation.
“Leveraging on the opportunities emerging from the market potentials for these minerals, government is encouraged to intensify the exploration of these critical minerals.
“The investment community is also invited to participate in the mining and processing of minerals along the entire value chain of this emerging opportunity.”
Meanwhile, the President allayed fears of Nigerians on Ajaokuta Steel Company, and promised to broke the jinx.
“Our vision for an industrialised nation cannot be achieved without a vibrant steel sector. We understand the huge demand for Steel and iron in our domestic markets and across the sub-region.
“This is why we prioritized the resolution of all the issues constraining the full operation of the Ajaokuta Steel company.
“To this end a transaction adviser has been appointed to concession the Ajaokuta Steel Company and the Nigerian Iron Ore Mining Company Itakpe.
“The selection process is ongoing. Our commitment is to break the jinx and actualise the dream of a vibrant steel sector”, he said.
Also, the President commissioned the Electronic Mining Cadastre Plus.
Source: Vanguard News