Why Nigerian Mining Sector should be destination for big-time investors – Minister (Video)
Story from Abah ADAH, Abuja
Minister of Mines and Steel Development Arc. Olamilekan Adegbite has urged big-time investors to take advantage of the Nigerian mining sector as it is now one of the most investment-friendly around the world.
Speaking to an audience of international investors at the just concluded Mining Conference in Riyadh, Saudi Arabia, Adegbite said Nigeria has “the minerals of the future” that can power electric cars, urging the majors to make a stake in the country’s mining sector.
In a statement, signed by his Special Adviser on Media and Publicity, Mr Ayodeji Adeyemi, Adegbite equally disclosed that some major mining companies had begun to express interest in the Nigerian mining sector, adding that the country intends to auction rights to mine some strategic minerals later this year.
“We have strengthened governance and transparency in the sector and provided assurance to investors through the upgrade, automation, and decentralisation of the Mining Cadastre Office (MCO). We are improving the connectivity between investors and the public with important geological information through the establishment of a Nigeria Geo-Data Centre at the Nigerian Geological Survey Agency” Adegbite said.
The minister also noted that the country had learnt its lessons from over 50 years of resource extraction.
“As we deepen our efforts to revitalise the mining sector, we are doing so with lessons learnt from a half-century of resource extraction. We recognise, for instance, that it is not enough to seek investments merely for the sake of exploitation and extraction.
“Rather than writing this new chapter of economic growth, our aim is to develop local industries, generate employment, and focus on resource beneficiation to create wealth along the mineral value chain, he said.
Later while speaking to some foreign media the minister noted that the federal government had invested $50 million in the exploration of gold, lithium and several other metals.
“To date, the country has discovered over 44 minerals occurring in commercial quantities across the 36 states and the federal capital Territory. These include gold, lithium, copper, cobalt, oxide, amongst others,” the Minister noted.
Watch the video below: