The Minister of Solid Minerals Development, Dr Oladele Alake, has stated that efforts to mobilise banks to support mining businesses are often frustrated as banks cannot rely on the data mining companies provide to loan their customers funds.
Dr Alake disclosed this at the opening ceremony of the 59th Annual Internal Conference and Exhibition (AICE) of the Nigeria Mining and Geosciences Society (NMGS), with the theme “Emerging Global Perspectives, Trends, and Sustainable Development of Minerals and Energy Resources,” held in Jos Plateau State.
He stated that it is now very It is obvious that unless the stakeholders in the sector come together to build the Nigerian Geological Survey Agency (NGSA) as a data behemoth that commands the respect of investors and financiers locally and internationally, efforts to transform the sector will not be sustained.
The Minister, who was represented by Engineer Simon Nkom, Director General, Nigeria Mining Cadastre, tasked the engineers and geologists to always send their new findings to the Nigerian Geological Survey Agency to update its intelligence on rocks, adding that rock formation is a dynamic process that occurs slowly based on various factors, internal and external.
“Every cut into the ground is an opportunity to learn about the geological and hydrological events taking place. Each time you keep this intelligence to yourself, you are undermining our collective repository of data.
Many investors who approach the NGSA do so with the conviction that they will get the most up-to-date information on the area that their licence covers. But they are disappointed when the data they have paid for is barely enough to make critical investment decisions.
“Many of them have to fly to foreign exploration companies to do more exploration before they are satisfied. Meanwhile, your members keep their data in silos out of what would seem a selfish interest to speculate with the data, then turn it over to where it can collectively help our wealth,” he said.
In his address, Governor Caleb Muftwang of Plateau State said most of the minerals in the country are yet to be fully tapped for their contribution to the country’s GDP and tasked all stakeholders in the sector with a critical look into the potentiality of the sector.
The governor, who said the sector is not properly regulated, added that the mining sector, through illegal mining, has witnessed a lot of criminality, adding that most of the activities are shrouded in secrecy.
“Legal mining and illegal mining have witnessed a lot of criminality in the sector. I will want to advocate the kind of physical federalism that we see in the oil and gas sector. We must also ensure that similar things happen in the mineral sector.
“A lot of activities in the mineral sector are being done secretly; the entire chain in the mineral sector is still shrouded in official ways.
“You are in the best position to advocate for good governance in this sector. Over a month ago, in this state, we lost over 36 people in a mining pit. While this is happening, residential areas are being invaded.”
He further tasked mining engineers and other stakeholders to create a synergy between mining and environmental exploration, adding that since mining is on the exclusive list, the two should be harmonised for the development of both sectors.
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