Mining Road Map Out Next Week, Says Minister

The roadmap guiding activities of artisanal miners as well as local and foreign investors in the country’s mining sector would be unveiled next week.

The Minister of Solid Minerals Development, Dr Kayode Fayemi, disclosed this during a meeting with the Canadian High Commissioner to Nigeria, Mr. Perry Calderwood, in Abuja on Tuesday, 8th December, 2015.

According to the minister, the roadmap will detail the quantity and quality of mineral deposits in the country, category of mining licenses available as well as the conditions attached to them, among other things.

The minister stated that the country was set to partner with Canada and other countries with successful mining industries, in the bid to reposition the sector.
Fayemi said the country would earn more revenue and boost its economy with effective blockage of  leakages in the sector and strict adherence to regulatory framework.

“By the time we release the roadmap, more investors will show interest in the sector”, Fayemi said, adding that 80 per cent of the artisanal mining in the country were unrecorded.

He stated that the successes recorded in the agric and mining sectors would boost  President Muhammadu Buhari’s administration’s plan to diversify the economy.

Stressing that the Minerals and Mining Act of 2007 contained best practices in terms of incentives to investors, Fayemi said government is set to take it further by partnering with the ministry of industry, trade and investment as well as the National Assembly, Nigerian banks and the universities.

Fayemi said: “We are working out partnership with the ministry of industry, trade and investment to help market the sector; our research institutes and universities to achieve better data and supply of expertise; the National Assembly for legislation. We also need the financial sector to understand the mining sector. We need the banks to set up solid minerals desk in their banks.”

The Canadian High Commissioner had earlier commended the Buhari administration for demonstrating strong commitment towards diversifying the economy through mining and agriculture.

He urged government to make the sector more attractive to investors by tackling security and regulatory issues, which according to him, were sources of discouragement to investors.

Fayemi said the government was tackling the security issue, stressing that security, corruption and growing the economy remain paramount to the administration.

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