President Bola Ahmed Tinubu has expressed his administration’s readiness to develop the mining value chain by creating an enabling environment for all players in the industry to thrive for Nigeria’s economic growth and prosperity.
Tinubu made the disclosure at the ongoing 8th edition of the Nigeria Mining Week, as he described the conference as a networking platform for the stakeholders in the mining industry to showcase the huge potential in the Nigeria mining industry.
Tinubu who was represented by the Secretary to the Federal Government (SGF), Senator George Akume, noted that the 2023 Mining Week theme, ‘Capitalising on Nigeria’s Critical Mineral Resources For Economic Growth’, underscores the Federal government’s commitment to sustainable development, and collaboration within the mining industry, with a special focus on maximizing Nigeria’s mining potential.
While speaking further, he explained that the devolution of the Ministry of Mines and Steel Development is in order to demonstrate the resolve of the federal government to improve its contributions to the development of the economy of the country, adding that the present administration has observed huge profits recorded through the export of crude mineral resources which has improved the life of the nation.
“Government shall continue to ensure a good business environment for investors to invest in the sector by ensuring policy consistency, and adequate security.
“Nigeria is known for its oil and gas, which is a fraction of its blessed natural resources and there is a need for Nigeria and Africa at large to diversify and develop other sectors to harness their potentials,” he added.
Earlier, the Minister of Steel Development, Prince Shuaibu Abubakar Audu, also reiterated that the Mining Week is an indispensable platform for networking, knowledge exchange, and the furtherance of our mining sector’s potential.
He said that the theme for this year’s Nigeria Mining Week is not just a slogan; but a clarion call for government to unleash the immense potentials that lie beneath Nigeria’s soil.
“We are not merely celebrating these potentials today; we are recognizing them as the driving force behind the economic growth that is at the heart of President Bola Ahmed Tinubu’s renewed hope agenda for our beloved
“In our country, we are endowed with an array of critical minerals such as coal, tin, lead, limestone, and iron ore, among many others. These resources, if properly harnessed, hold the key to not only diversifying our economy but also significantly increasing our revenue streams. They are the bedrock upon which we can build a more prosperous, self-sufficient, and industrially advanced Nigeria.
“The pivotal role of the steel sector in this journey towards revitalizing our economy. Steel, as we know, is the backbone of industrialization. It is a core ingredient for infrastructure development, manufacturing, and construction. Our commitment to developing the steel sector is unwavering because it holds the potential to create numerous jobs, attract investments, and contribute significantly to our Gross Domestic Product.
“It is on this heel that we have set out motions to diversify Nigeria’s economy and attract Foreign Direct Investment (FDI) by transforming the Ajaokuta Steel Company Limited (ASCOL) complex into a Free Trade Zone, and designation of 24,000-hectare land of Ajaokuta as an Industrial Park. This strategic initiative aims to revitalize the steel industry, create jobs, and stimulate economic growth in the region thus creating an industrial park in the ancient city of Ajaokuta.
“This is in addition to the development of a three-year plan for Ajaokuta, and a broader five-year plan to expand steel production to other parts of the country. This comprehensive approach aims to harness Nigeria’s vast iron ore resources and leverage them for industrial growth.”
Meanwhile, the President, of the Miners Association of Nigeria, in his welcome remarks Dele Ayanleke, said, that the solid minerals sector is generating a heated interest at the moment, especially from the lower tiers of government.
“This is coming with some constitutional and legal challenges, but we believe that the articulate management of those challenges will provide a workable template for the streamlining of all legal and regulatory frameworks that will accelerate the growth of the sector in line with the 7-Point Agenda, recently unfolded by the Honorable Minister of Solid Minerals Development.
“It is also of importance to mention the coincidence of the global energy transition that is widely gaining momentum and the fact that Nigeria is richly endowed with the minerals that are highly needed for this global agenda.
“In view of the foregoing, therefore, the Miners Association of Nigeria, together with our partners, envisaged robust conversations that will birth pragmatic actions towards the accelerated growth of the sector to provide a veritable pivot for the diversification and broadening of the national economic space,” he added.
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