The minister of Mines and Steel Development, Dr. Kayode Fayemi has disclosed that the mining sector has secured improved funding through increased budgetary allocation and intervention funds from the Natural Resources Development Fund (NRDF) and international Development Partners through the World Bank.
Speaking at the opening session of the Nigeria Mining Week organised by the Miners Association of Nigeria in partnership with Spintelligence and PwC Nigeria, the minister said that the NRDF fund would be used for the Geosciences data generation, improved minefield security, monitoring enforcement of the provisions of Nigeria Mining Act 2007 and its regulations of 2011.
The mining week which was held in Abuja featured speeches, technical paper presentations, panel discussions, exhibitions and workshops, It also attracted various stakeholders including large and small scale miners, equipment manufacturers, bankers, investors, law firms, service providers etc.
Among the recommendations made by participant at the events was the need for the generation of inventory and data on minerals deposits in Nigeria and their properties with a call on the Geological Survey Agency to do a thorough appraisal and investigation on mineral deposit locations and quantities including geophysical mapping in order to attract investment.
There was also emphasis on the need to involve host communities in mining through land ownership and company ownership with royalties from mining operations used for sustainable spending and growth in such communities to avoid the mistake made with oil.
Participants noted the need for investment in infrastructural development and establishment of an intergenerational fund that ensures that even after the mining operations have ended, the community continues to benefit from the proceeds. Such efforts must however be operated under a proper governance structure that ensures transparency.
Speaking on the deliberations of the week, Advisory Partner and Mining sector leader , Mr Cyril Azobu said, “It’s been a very successful forum given the calibre of participants and the quality of discussions that have been held. In addition, the forum has also provided a unique networking opportunity for stakeholders in this sector and you can feel the optimism that we are at the cusp of something big.”
We do not however expect it to end in just talks. We are committed to, working with the Miners Association and the Ministry, following up on the various recommendations made at this forum and tracking the implementation of the roadmap itself so that when we gather next year, stakeholders can see how far we have gone towards the actualization of our objectives,” he added.
