Minister, operators seek ways to sustain mining sector development
by KELECHI EWUZIE
October 23, 2017 | 2:18 pm| | | Start Conversation
Minister of Mines and Steel Development, Kayode Fayemi, says the Nigerian mining jurisdiction is now considered to have a better investment risk profile than several other leading jurisdictions.
Fayemi, while delivering the ministerial address at the opening ceremony of the second Annual Nigeria Mining Week holding at the NAF Conference Centre, Kado, Abuja, said Nigeria was now “perceived” to have a better investment risk profile than New York.
Fayemi, whose address was titled “New perspectives for 2018-2030, what has been achieved to date? How will future goals be achieved to ensure the sustainability of the Nigerian mining awakening? What should the global mining and metals industry expect from Nigeria?” cited the recently released World Risk Report published by the Mining Journal as proof of the positive developments in the sector.
Specifically, the minister cited efforts of the Presidential Enabling Business Environment Council (PEBEC), headed by Vice President Yemi Osinbajo, he said was helping to remove bureaucratic and regulatory constraints to doing business in the country.
He said: “The recently released World Risk Report, published by the Mining Journal, indicates that Nigeria has made remarkable improvements in both hard risk and perceived risk factors. The Nigerian Mining jurisdiction is now considered to have a better investment risk profile than Russia, China, India and several other leading jurisdictions. Nigeria is now “perceived” to have a better investment risk profile than New York!”
Babatunde Fashola, minister of power, works and housing, while also speaking at the session, said mining and agriculture were the two major areas President Muhammadu Buhari was very much concerned about, saying this informed the administration’s commitment to the mining sector and the attendant growth it had recorded.
He commended the President’s decision to pull the country out of recession by spending on infrastructure, stating that the major bulk of the spending on infrastructure would go to boost the mining sector and enrich miners as majority of the materials for road construction, housing, transportation and power were sourced from the mining sector.
Darius Ishaku, governor of Taraba State, on his part, called for the review of ownership laws around mining operations, noting that there was a conflict between the Land Use Act and the licensing for mining operations.
Earlier, in his welcome remarks, Uyi Akpata, country senior partner, PwC Nigeria, reiterated PwC’s commitment to supporting the sector, tracing the firm’s early efforts in gathering stakeholders in the sector that led to the emergence of the Nigeria Mining Week.
Akpata said, “Our support for the development of this sector is in line with our purpose, which is to build trust in society and solve important problems. We identify the many potential of this sector in diversifying the revenue base of government and creating opportunities for our people, and we know that government cannot achieve it alone.”
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