We Truly Want to Transform Mining Sector—FG

December 17, 2017
We Truly Want to Transform Mining Sector—FG

By Dipo Olowookere

Federal Government has reiterated its determination to take the mining industry out of the dungeon and make it a major source of revenue for Nigeria.

Speaking recently at the Sensitisation/Consultation with Nigerian Economic Summit Group (NESG)/Industry Stakeholders in the Mining Sector which took place at the Lagos Court of Arbitration International Centre, Minister of Mines and Steel Development, Dr Kayode Fayemi, appealed to Nigerians to be patient with government, saying the ‘mining calendar’ does not align with the ‘electoral calendar’.

The Minister explained that this was because mining is not a 4-year agenda, as exploration might sometime last for 10 years in some cases before getting solid result that could go into production.

However, he stressed that government was determined to turn around the mining sector by building a world class ecology of mineral and mining in the country.

“This government is serious about taking mining out of the dungeon and listening to players and drivers of the industry and we are working with key enablers, particularly enabling ministries to ensure that this done.

“The country is focusing more on rebuilding Nigeria mining and mineral sector which has been comatose for quite a long time,” Mr Fayemi said.

On the issue of continuity of policies in the sector, he said, “Continuity is important to us, the mining law that we are operating now is 2007 law and we are still working with that because the sector needs predictability, it needs certainty so we are not changing law but enforcing the law.”

The Minister stressed the need to improve the partnership among the federal government, state and the host communities, stating that efforts are already being made to ensure that states get their own dues on whatever is derived from the mining sector and that the government is also working on the most effective way to ensure that those in the industry derive maximum benefits and government does not lose revenue as well.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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