The Minister of State for Mines and Steel Development, Senator Gbemisola Saraki, has said that the vision of the ministry is to make the mining sector attractive to foreign investors.
Saraki said this on Wednesday in Abuja, at the Nigerian Society of Mining Engineers 21st Annual General Meeting.
The News Agency of Nigeria (NAN) reports that the theme of the meeting is “Sustainable Mining in Nigeria: Prospects and Challenges”.
According to the minister, the theme is appropriate at a time when sustainable mining practice is a challenge in the country.
She said that the ministry was working to transform the Nigeria Minerals and Metals sector into an irresistible mining destination for global capital, attracting foreign direct investments to grow the sector to optimum level.
“Our confidence on the realisation of the above vision is predicated on Nigeria’s position as one of the largest economy in Africa.
“With a Gross Domestic Product (GDP) of 514.05 dollars, a population of over 213 million people, over 57 per cent economically active population is endowed with over 44 different minerals resources in commercial quantities,” she said.
She said that the Federal Government strategic policy direction on mining, focused on the some key priority areas, like:
“Streamlining application processes and significantly increasing private sector investment in mining,
“Ensuring orderly and efficient mining of the seven priority minerals in the mining roadmap (Coal, Bitumen, Limestone, Iron Ore, Barites, Gold and Lead/Zinc Ore and now Lithium)”.
“Strengthening collaboration with state governments and relevant security agencies to ensure sustainable security and safety of mining areas.
“Introducing incentives to improve the investment climate for mining activities, stamping out illegal mining and formalising artisanal and small-scale mining activities across the country.
“Collaboration with the private sector to create a large number of well-paying jobs for Nigerian youths,” she said.
Saraki said that the expectation of President Muhammadu Buhari from the ministry included diversification of the economy with a target of five per cent contribution to GDP, creating an industry worth 27 billion dollars.
“There is also expectation of job creation with a target of additional new five million jobs, industrialisation of Nigerian economy with the mineral sector as a major input raw material,” she said.
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