*The Federal Government has highlighted聽how current efforts in reviving the mining sector of the economy could help to rewrite a new chapter of sustainable economic growth and development for the聽country

Isola Moses | 绿帽献妻

The Federal Government of Nigeria has said the framework for activating the mining sector of the economy is on the right track, and the potential impact of the gold sector is nothing short of revolutionary.

绿帽献妻 reports Vice-President (Prof.) Yemi Osinbajo said that the mining sector of the country鈥檚 economy could help to rewrite a new chapter of economic growth for Nigeria.

Mr. Segun Lawson, President and Chief Executive Officer of Thor Explorations Limited (right), explaining a point to Arc. Olamilekan Adegbite, Honourable Minister for Mines and Steel Development, during the Stone Laying for the Segilola Gold Project, March 2020, in Atakumosa East Local Government Area of Osun State聽 聽Photo: Thor Explorations

Osinbajo noted that the mining sector is a vital part of Federal Government鈥檚 recent National Development Plan 2021-2025.

Mr. Laolu Akande, Prof. Osinbajo鈥檚 Spokesman, in a statement Tuesday, November 16, 2021, in Abuja, said the Nigerian Vice-President delivered a virtual remark at the opening of the 5th Annual Nigeria Mining Week Discourse Series with the theme, 鈥淭op Seven Reasons to Invest in Nigeria鈥檚 Mining Sector鈥�.

The Miners Association of Nigeria (MAN), in collaboration with the private sector and active support of the Federal Ministry of Mines and Steel Development organised the 聽Nigeria Mining Week.

The Vice-President stated: 鈥淚t is significant that within the space of a year, we have recorded a 26.7 percent increase in revenue generation from 2019 to 2020.

鈥� But while this is encouraging, we recognise that there is still a lot of work to be done.

鈥淭hat is why this forum is so important; we are privileged to have in attendance, so many distinguished experts and resource persons that deeply understand governance vis-脿-vis the Mining Sector in Nigeria.鈥�

He further highlighted the inflow of notable investments already recorded in the mining sector of the country鈥檚 economy, and the inflow was early evidence that the Federal Government鈥檚 framework was on the right track.

On Thor Explorations’ Segilola Gold Mine in Osun State

In relation to current investments in the mining sector of the Nigerian economy, Osinbajo stated: 鈥淭hese investments include Thor Exploration Limited鈥檚 Segilola Gold Mine, in Osun State, with an initial production capacity of 80,000 ounces of gold annually, representing the first large-scale gold mine in Nigeria.

Gold bars and Dollar bills

鈥淚n June last year, I also had the privilege of commissioning the Dukia Gold & Precious Metals Refinery (DGPMR) Project.鈥�

He noted: 鈥淭he company set out to be a foremost indigenous refiner and trader of gold and other precious metals. Its potential impact on the gold sector is nothing short of revolutionary.

鈥淏y providing offtake opportunities through the establishment of Precious Metals Buying Centres, it serves as a spur for more small and medium scale mining investment.

鈥淚ts refinery symbolises its focus on value addition in the gold and precious metals industry in Nigeria and West Africa.鈥�

The statement further said: 鈥淎 similarly remarkable investment is the integrated Iron Ore Mining and Processing Plant set up by African Natural Resources and Mines Limited (ANRML), in Kaduna, Northern Nigeria.

鈥淚t has an initial production capacity of 4.704million tonnes of iron per annum and will scale up to 5.88 million tonnes per annum.鈥�

According to Osinbajo, Nigeria is revitalising the mining sector with lessons learned from half a century of resource extraction.

The Federal Government, he noted, also recognises that it is not enough to seek investments merely for the sake of exploitation and extraction, but the mining sector could help to rewrite a new chapter of economic growth for Nigeria.

The Vice-President stated: 鈥淐oncurrently, there is an ongoing review of the Nigerian Minerals and Mining Act 2007, aimed at bringing legislation into conformity with global best practices, limiting the role of government to that of regulation, and creating the space for the private sector to maintain a more expansive presence in the sector.

鈥淲hat will be evident to a potential investor is that we have built a robust framework for the mining sector, line by line.鈥�

He also said: 鈥淚n 2016, the Ministry of Mines and Steel Development, in collaboration with industry stakeholders, produced a clear Roadmap for the growth and development of the Nigerian Mining Sector Industry.

鈥淚n pursuit of the goals set forth in the roadmap, government initiated an ambitious reform regime in the sector, the flagship of which is the National Integrated Mineral Exploration Programme (NIMEP).鈥�

Osinbajo added: 鈥�(It is) designed to rapidly generate geological data with the aim of de-risking the sector and attracting high calibre investments.鈥�

Kindly Share This Story