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• As Industry witnesses significant growth under Buhari

 

By Agatha Chitumu, Abuja

 

The Minister of Mines and Steel Development, Olamilekan Adegbite Tuesday disclosed that the sector has grossed over Seven billion naira in revenue to the federal government purse.

 

Government Revenues according to him has increased from two billion Naira in 2015 to over seven billion in 2021 indicating a major increase in mining activities in the field

 

The Minister who hailed the federal government economic diversification policy, added that it has also helped in repositioning the mining sector.

 

Adegbite gave the hint while delivering a speech at the 6th edition of Nigeria Mining Week held in Abuja.

 

According to the Minister, the unprecedented support and direction of President Muhammadu Buhari, GCFR, and the National Assembly and the Ministry has made possible significant achievements that has defined a growth trajectory for the Nigeria Mining Sector.

 

Our administration he noted had “over time address lack of geological data, weak institutional capacity to govern the sector, low revenue generation, informal mining and community issues, and the protracted litigations on the nation’s steel assets,”

 

He cited among others the establishment of a jewelry making Training Centre in Abuja where forty (40) Train the Trainers, recruited from the thirty-six (36) states and FCT have been trained, the resuscitation of the Ajaokuta Steel Company and the National Iron Ore Mining Company, consruction of Mining-related clusters in the six geopolitical zones of Nigeria, up-grade and Automation of the Mining Cadastre Office and the creation of Zonal Offices in all the Geopolitical zones in the country, creation of new Mining Cadastra System and generation of Geological and Exploration Data to improve investment competitiveness.

 

In a welcome address at the occasion, the Miners Association noted that despite an emerging and potential opportunities, the sector is still being plagued with challenges, which are yet to be resolved.

 

The association thanked the Ministry of Mines and steel Development and all its agencies, for not only being a worthy host but has transform actionable plans to repositioning the sector and reset it on the track of national economic reckoning.

 

He said, “Appreciable increase in sectoral contributions to the GDP; Increased interest of foreign investors due to the verifiable geological data being generated by the National Integrated Mineral Exploration Project (NIMEP), of the Nigeria Geological Survey AgencY; Digitalization of mineral titles administration by the Mining Cadastre Office; Development of Cluster Buying Centers across the geopolitical zones, Standardization of the Nigerian Barite to meet up with global specifications; while not ascribing the glory of these developments entirely to the direct Outcomes of this annual event, you will agree with us that the various conversations and communiques emanating from this platform, and similar others, have been incubating the ideas for policy formulation and actions birthing these developments.”