National News

FG Woos Investors To Boost Mining Sector

The Minister of Mines and Steel Development, Mr. Olamilekan Adegbite says Nigeria has the mineral resources to power electric cars and phones in the future

A statement signed by the Special Assistant to the minister on media, Mr. Ayodeji Adeyemi says Adegbite made this known at the just concluded Mining Conference in Riyadh, Saudi Arabia

The statement stresses that some major Mining companies had began to express interest in the Nigerian Mining sector which is one of the most investor friendly in the world.

It explains 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 decentralization of the Mining Cadastre Office (MCO);

According to the statement, the ministry is 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 added.

It also notes that the country learnt its lessons from over fifty years of resource extraction.

“As we deepen our efforts to revitalize the mining sector, we are doing so with lessons learnt from a half-century of resource extraction and we realize that it is not enough to seek investments merely for the sake of exploitation and extraction but rather than writing this new chapter of economic growth” the minister stressed.

According to the statement the aim of the ministry is to develop local industries, generate employment, and focus on resource beneficiation to create wealth along the mineral value chain.

It adds that the federal government invested $50 million to explore gold, lithium and other metals.

“To date the country has discovered over 44 minerals occuring in commercial quantities across the 36 states and the federal capital territory” Adegbite stated.

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