FG investing in mineral resources sector

FG investing in mineral resources sector
Photo by USGS- Ask Nigeria

Mineral resources can be very important for our technological advancement.

Nigeria is blessed with numerous solid mineral resources capable of elevating its economic status quo. But over the years, the mineral resources industry has not been well utilized due to mismanagement and lack of investors. In fact, the Minister of Mines and Steel Development, Mr. Olamilekan Adegbite once noted that some foreign mining investors have little or no knowledge about Nigeria being a mining nation, with the lowest royalty rate of 3.5 percent, when compared to other mining nations being 17-20 percent rate depending on the mineral being mined.

The Minister said that Nigeria was fresh in the area of mining and as such, the need for the government to encourage mining investors to invest in the country’s mineral resources sector. However, the government have recently become so invested in efficiently maximizing the sector’s resources. One of the policies put in place by the federal government is the one hundred percent ownership of investment to stakeholders that invest in the mining sector, an incentive put in place to attract both local and foreign investors into the country’s mining industry.

Government supports make Nigeria an epicenter for change in mining sector.

Mr. Olamilekan Adegbite, during the prepress briefing of the Annual 6th Nigeria Mining week that took place in Abuja noted that the federal government was investing all of its political will and power towards the development of the solid mineral sector. The 2022 Nigeria Mining Week which have taken place via digital connection in the last two years, as a result of the Covid-19 pandemic, is set to be back in-person and is scheduled to hold between November 1-3, 2022 at the International Conference Centre (ICC) is themed, “Success and Achievements in the Mining Sector”. The Minister further asserted that the sector have received immense support from the government which have made Nigeria one of the epicenters for the impending technological change in the mining industry.

The mining sector has been positioned carefully to inherently support the diversification of supply chains, as well as the security of a global scale supply. On the impending event which is set to be organized by the Vuka Group, Pricewaterhousecoopers (PwC), in collaboration with the Miners Association of Nigeria (MAN), the Minister stated that the whole mining value-chain will reconnect and explore the numerous prospective opportunities that the mining sector can offer, whilst the achievements of the sector since the inception of the Mining Week will be showcased.

Mining week to promote Nigeria as the next big point for mining investment.

The Minister also said that the Nigeria Mining Week is part of the design to promote Nigeria as the next best destination for mining investment, as well as attending numerous global mining forums and making known the fact that Nigeria’s mining sector is ready for investment and immense development. He also noted that one of the key discussions that will take place in the conference is the important mineral resources that are pivotal for many technologies for the provision of green renewable energy. Thus, the conference will ensure networking with global colleagues, learning different expert analysis and deliberating on the latest challenges and opportunities that exists in the mining sector.

Mr. Adegbite has however encouraged executives from mining companies, ranging from explorers, junior and mid-tier producers, processors and investors to attend the three-days conference. Senator Gbemisola Saraki, the Minister of State, Ministry of Mines and Steel Development also noted that this year’s conference is set to welcome the entire mining ecosystem, including operators and companies to address important issues in the mining industry and ways to salvage them. She said the assertions will expound the direction of the country, imperatively creating long term plans that will help develop the mining and metals industry.

The mining sector to contribute $27 billion to Nigeria’s GDP by 2025.

The acting President of the Miners Association of Nigeria, Alhaji Mohammad also said that the sector is aimed at contributing 27 billion dollars to the country’s GDP by 2025. Based on the sector’s performance in 2021, he noted that there is a huge chance for this benchmark to be achieved, as well as this year’s edition, which offers the sector a good chance for highlighting the strengths of the mining industry. This year’s edition which is aimed at the success of the sector will pivotally reference Gold, Iron ore, Barite, Bitumen and Kaolin commodities.


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Ask Nigeria
1 month ago

FG investing in mineral resources sectorMineral resources can be very important for our technological advancement.Express your point of view.

Adeolastan
Member
1 month ago

Mining sector suppose to be the biggest generation of income to the federation but because no tangible or strong law that can compel all the stakeholders to do the right thing

DimOla
Member
1 month ago

We can’t continue to depend on crude oil only need to diversify into other things. Government must invest in other mineral resources apart from crude oil to generate more revenue for the country.

Tolaniiii
Member
1 month ago

The government must encourage mining investors to make investments in the nation’s sector of natural resources. But the government should make investments to effectively use and maximize the sector’s resources.

Iyanu12345ogg
Member
1 month ago

It is good that the Federal government is now investing in the mineral resources sector.
It will boost and strengthen our mining sector to achieve great potentials.

Christiana
Member
1 month ago

The conference will facilitate networking with international peers, learning about various expert analyses, and discussing the most recent difficulties and prospects in the mining industry.

Bola12
Member
1 month ago

Nigeria is a country that fully blessed with mineral resources, so I see no reason why the government should not invest in things that will make our economy stand better

SarahDiv
Member
1 month ago

If the government could invest in mineral resources it will help diversification of our economy which will invariably lead to income generation rather than focusing on crude oil only.

Kazeem1
Member
1 month ago

The claims will elucidate the course that the nation is going to take, making it crucial to create long term plans that will assist in the growth of the mining and metals industry.

Ultra0711
Member
1 month ago

It’s important to take the mining industry seriously. With this We will be able to generate and maximize our production after we invest, particularly when it comes to the mining industry.

Adesanyaj72
Member
1 month ago

This conference that they plan to conduct will assure networking with colleagues from across the world, learning diverse expert analyses, and debating on the most recent possibilities and difficulties that exist in the mining business.

Godsewill Ifeanyi
Member
1 month ago

It is my sincere hope that individuals will seize this opportunity and make financial investments in Nigeria’s mining sector, which is now open for business and poised for enormous growth.

Remi1
Member
1 month ago

This sector is deserving of enormous assistance from the government, which will helped make Nigeria one of the epicentres for the impending technological shift in the mining industry.

Chibuzor
Member
1 month ago

An incentive has been established to entice both domestic and international investors to participate in the mining business of the country, therefore interested parties ought to put their money into the mining industry.

Hassan Isa
Member
1 month ago

When compared to other mining nations, such as those with rates ranging from 17 to 20 percent depending on the material being mined, Nigeria, which is a mining nation, has the lowest royalty rate of 3.5 percent. This is unacceptable, and there must be adjustments made.

Nwachukwu Kingsley
Member
1 month ago

The natural resources industry has, throughout the course of the years, not been adequately exploited due to poor management and a lack of investors; this is something that needs to change.

Taiwoo
Member
1 month ago

I hope that we are aware that Nigeria is endowed with an abundance of substantial mineral resources that have the potential to lift its current economic status quo.

Haykaylyon26
Member
1 month ago

There are many mineral resources in Nigeria but we are not making use of it, if we are utilizing it well it will have help our economy to grow well bt we are wasting the resources

Tonerol10
Member
1 month ago

Yes Nigeria is blessed with many natural resources but Government has not do anything useful with it. They are looking for more. Okey ooo

theApr
Member
1 month ago

Nigeria is blessed with numerous mineral resources. Sadly, the government are not efficiently utilizing the sector. If well invested in, it’d be a significant boost to the economy. The government really need to diversify their sources of revenue. The country is blessed, we just need good government.

Abusi
Member
1 month ago

The mining Industry is a really serious one. It is good that the Federal government is now investing in the mineral resources sector. Once we invest, we will be able to produce and maximize our production especially when it comes to the mining Industry.

jdpumping
Member
1 month ago

Natural resources are so important to us because they are source of economical and technological advancement for us and I laid the government supports towards the mining initiative to boost the strength of our mining sector to achieve it’s maximum potential.