“While waiting for normalcy to return to the Chad Basin, we have stepped up efforts in the Lower Benue trough. So far, we have acquired 20km of 2D data out of the planned 455km 2d seismic data,” he added.
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According to him, “If the mining sector is truly structured in a way and manner that favours sub-national development, it will increase revenue accruable to states.”
The minister also said that they intended to establish Nigerian Solid Minerals Investment Fund (NSMIF) structured as a private sector-oriented investment outfit to provide financing to private sector-led projects in mining sector.
He said the Corporation was already working on a project to generate four Megawatts (4MW) of electricity while also exploring the possibility of investing in the transmission segment of the power sector.
Investors in the nation’s oil and gas sector have commended the government’s initiative, saying the northern region of Nigeria has about 2.3 billion barrels of oil and about 14.65 trillion standard cubic feet of natural gas in the Chad Basin.
19 May 2015, Abuja – The Nigerian Mining and Geosciences Society, NMGS, has expressed readiness to be part of the effective…
