Invest in Solid Minerals Mining, FG urges Local InvestorsRu
The Honourable Minister of Mines and Steel Development, Arc. Olamilekan Adegbite, has called on local investors to invest in mining of solid minerals that are abound in the country, saying that such investment would encourage foreign investors to put their money in the Minerals and Metals Sector of the economy
The Minister stated this during a press briefing at the Ministry’s Headquarters in Abuja on Monday, November 4, 2019, to herald the 3rd edition of the National Council on Mining and Mineral Resources Development (NCMMRD) tagged: ‘Nigeria Mineral and Investment Sector, Spectrum for Investment Opportunities for Economic Growth and Development,’ holding from Wednesday 6th – Friday 8th, November, 2019, at Trade Fair Centre by Fountain Hotel, Archbishop Adetiloye Hall, Iyin Road, Ado Ekiti, Ekiti State.
He said the theme of the Council Meeting is to make the investing public and other stakeholders, especially Nigerians to be aware of the opportunities that are abound in the Minerals and Metals Sector.
“Opportunities are available in the sector to stakeholders and investors to invest their money. When an investor is coming from outside, the first thing to look at is what are the local people doing.”
“If the local people are not putting their money, then it can’t be lucrative. Basically that is what foreign investors look out for, that is why we are urging local investors, no matter how small, to come into the sector,” noting that this will encourage foreign investors to put their money into the mining business.
The Minister also called on the State Governors to form companies that would go into mining, as the law allows it, instead of the usual interference in mining activities in the states in the name of revenue generation.
He stated that mining is in the exclusive legislative list, but that in their eagerness to deliver the dividends of democracy, the governors often ‘jump into mining.’
“We are saying that rather than doing the way as they have been doing, the law has allowed them to form a company that can go into partnership or if they can, do it alone.”
Speaking further, he said the National Council Meeting, which is an advisory platform, comprised of state commissioners and permanent secretaries in charge of mining and mineral resources from the 36 states and FCT, including participants from the academia, private sector security, practitioners and leaders of mining unions, will be brainstorming on issues affecting all the stakeholders in the sector and initiate policies that will boost the industry.
According to him, the Council Meeting in Ado Ekiti is very appropriate as present Governor of the State, Dr. Fayemi Kayode, who was a former Minister of the Ministry, and also Chairman of Governors’ Forum, with his wealth of experience in the sector, is in the best position to help the ministry achieve most of the policy thrust and also to convince his colleagues to abide by the existing mining laws.
The Minister highlighted some of the milestones achieved through past Council Meetings, including development and implementation of the roadmap; improved transparency in mineral title administration; improvement in the ease of doing business amongst others.
He stated that the focus of discussions in this 3rd edition of the meeting would deepen the awareness of opportunities that would attract more investors into the sector.
The Minister of State, Dr. Uchechukwu Sampson Ogah, in his welcome address stated that the purpose of the briefing was to intimate the public on the forth coming events and efforts being made to move the sector to the next level.
Ekwugha S. Chinwe
For: Director (Press)