28 May 2021 By Georgina Humphrey
The Ministry of Mines and Steel Development, is partnering the Security and Exchange Commission, SEC, for funds mobilization to boost exploration in the mining sector.
Minister of State Mines and Steel Development Dr. Uchechukwu Sampson Ogah made this known when a delegation of the Security and Exchange Commission SEC, led by the Director General, Dr. Lamido Yuguda paid him a visit in Abuja.
Dr. Ogah who said the collaboration was long overdue, stated that the sector was capital intensive.
He noted that funding exploration projects had been a challenge in the industry.
He however explained that the Federal Government in a view to support the sector started the National Integrated Mineral Exploration Project ,NIMEP, which is aimed at carrying out integrated exploration to derisk the mining sector and provide geoscience data.
He added that the Federal Government also initiated the Presidential Artisanal Gold Mining Initiative, PAGMI, from which the Ministry presented the first locally sourced Gold Bar to the President, with the Central Bank of Nigeria, CBN, as the off-taker.
Dr. Ogah stressed that having an organised funding window like the Commodity Exchange Platform could provide a great support for the mining sector, especially in the areas of funding and commodity trade.
He assured of the Ministry’s participation in the Commission’s forthcoming webinar and enjoined the Commission to avail the Ministry with all necessary information it would need to fully participate at the event.
In her remarks, the Permanent Secretary, Dr. Oluwatoyin Akinlade who stated that the synergy is a milestone as it would help the Ministry to get funds and achieve its mandate of exploration Added that Solid Minerals is the way to go for the future.
Earlier, the Director General, Security and Exchange Commission, SEC, Dr. Lamido Yuguda who said he was in the ministry to discuss areas of collaboration, expressed the Commission’s preparedness aimed at assising the Ministry in resolving some of the challenges faced in the Solid Minerals Sector through Commodities Exchange.
He further explained that as part of measures to contribute to the growth of the sector, the Commission is planning a webinar that would bring together stakeholders in the mining and solid minerals sector and the commodities exchange ecosystem to look at ways the commodities exchange could add value to the sector.