The Acting President, Prof. Yemi Osinbajo, has underscored the importance of boosting investments of the Nigerian mining sector as a strategy to reposition the sector as a major driver in the quest for economic diversification. To this end, he said the administration has secured $600 million for investments in the sector.
According the fund, which was sourced form the World Bank will be administered by the Solid Minerals Development Fund. He said, “We have also secured funding from both domestic and international sources for investment in the solid minerals industry from the public purse, the ministry of mines and steel development has been granted access to the mining sector component of our Natural Resources Development Fund for N30 billion, an intervention fund from the Federal Government.”
The Acting President, who described the task of discovering the potential of the mining sector as “earth-moving”, added that government would unearth these incredible sources of growth and development for us and for our continent.
Discussing the significance of the summit, he said, “Thus this summit marks another step on the journey towards achieving the African Mining Vision; that vision adopted by African Heads of State back in 2009 aimed at leveraging Africa’s vast mineral resources to liberate the country and continent from the shackles of poverty and perpetual underdevelopment, and to change the African narrative from the so-called resource curse, mineral field conflicts, severe environmental degradation and marginalised host communities, to one of sustainable growth and socioeconomic development, underpinned by transparent, equitable and optimal exploitation of mineral resources and inclusive development.
He said, “Government is determined to achieve this goal in the mining sector in spite of the many legacies that we inherited, including low funding, lack of due geological data, weak institutional capacity of the supervising ministry, limited infrastructure, limited cooperating federalism, low productivity, illegal mining, weak framework for managing host communities, difficulties in doing business and protracted litigation on legacy assets.”
Minister of Mines and Steel Development, Dr. Kayode Fayemi, recalled that the African Mining Vision, which was adopted in February, 2009, during the African Union Summit was in furtherance of the October, 2008 meeting of African ministers responsible for mineral resources development.
Highlighting the importance of the strategy, the minister said, “The AMV is by far one of the most promising instruments that unite the whole of Africa towards achieving particular objectives, adding that it is Africa’s own response to tackling the paradox of great mineral wealth existing side by side with pervasive poverty, through building economic and social linkages that benefits Africa.”
