The Minister of Solid Minerals Development, Dr. Kayode Fayemi disclosed that given all the opportunities and challenges in the Nigerian solid minerals sector as well as the global market outlook for mining, the Ministry has developed a strategy to drive growth for the country,
The Minister stated this during his inaugural Press Briefing held in the Ministry on Monday.
Dr. Fayemi outlined the key elements of the strategy along three dimensions which include the aspiration of the Ministry, where to focus and how to win in the solid minerals sector.
Explaining further, the Minister said that the strategy aspiration is to build a sustainable, globally competitive mining sector and related supporting sectors that will prudently use the finite resources to improve the quality of life of Nigerians. Where to focus will be in the area of supporting and growing Nigeria’s position in the mining assets with commercially proven reserves. He added that Nigeria would focus on going to market as a quality and cost leader rather than a scale-based generation, pending further understanding of our reserves position.
The Minister said the role of government would be to invest in activities and levers that reduce the cost of doing business, and improve Nigeria’s perception as a high quality mining destination.
The Ministry, according to Dr. Fayemi, had identified eight key drivers of success in the emerging strategy. These includes to work off an integrated plan that emerges from a broad consultation process, build an investor friendly regulatory environment, use a partnership model with investors communities artisanal miners and states to create a right incentives for all parties, build available geosciences database work with relevant sectors, partner with financial institutions, strengthen the Ministry’s personnel and use solid minerals as a growth catalyst for communities.
In a closing remark, the Minister of State for Solid Minerals Development, Hon. Abubakar Bawa Bwari, called on all stakeholders in the sector to cooperate and support the Federal Government’s renewed effort in repositioning the solid minerals sector to be a key source of economic growth and diversified revenue base for the country.
Deputy Director (Press)
Ministry of Solid Minerals Development