19 November 2015, Sweetcrude, Lagos – The Senior Mining Specialist, Energy and Extractives Unit at the World Bank, Dr. Francisco Igualada, has described the mining sector as an enabler for manufacturing, services and other sectors as he wondered why Nigeria, with all her huge resources and potentials has continued to earn less than Ghana, Mali and Burkina Faso from mining activities.
This, he said is in addition to the huge opportunities of job creation, revenue earnings and the development of other support services in the value chain that would have boosted the economy especially with the decline in global oil prices.
Igualada, who spoke in Abuja, blamed the country’s focus on oil and gas for failure to maximise the potentials of the mining sector.
According to Igualada, there is need for a structured consolidation of efforts towards developing the sector.
This should focus on building the right capacity both at human and institutional levels as well as establishing and enforcing the requisite legal and policy frameworks. To him, this has marked the difference between the Nigeria and South African mining sectors.
He said the World Bank has a Public Private Partnership, PPP, arrangement which it could recommend for the development of the solid minerals sector in Nigeria.
He stressed the need to revamp efforts and link interventions to develop the sector through arrangements such as the Solid Minerals Fund in addition to renewed involvement by the government.
He stated that he will seek the commitment of his office on the development of the mining sector and collaboration with the Nigerian Export-Import Bank or NEXIM Bank especially in regard to workshop participation and capacity training.