Oscarline Onwuemenyi 20 September 2017, Sweetcrude, Abuja – The Federal Government will earn more revenue from solid minerals this year than in 2016.
Minister of Fayemi, who revealed this, said that earnings from the sources has as at July surpassed the revenue for the entire 2016.
He said over N2 billion had already been generated from operations in the mining and minerals sector, as at July, which surpassed the entire revenue of N2 billion generated for the whole of 2016.
Fayemi made this known in his keynote address at the maiden edition of the National Council on Mining and Mineral Resources Development, NCMMRD, in Abuja.
He stated that the aspiration of his ministry was to build a world class minerals and mining ecosystem designed to serve a targeted domestic and export market for minerals and ores.
He said, “We seek to rebuild market confidence in our minerals and mining sector and win over domestic users of industrial minerals in order to achieve import substitution.”
The minister said his ministry has covered a major milestone in the implementation of the Roadmap for mining and minerals sector, and at the same time set in motion a chain of positive outcomes, saying he remain focused on working with stakeholders to deliver on all other provisions of the Roadmap.
Fayemi noted that with the successful hosting of the inaugural edition of the NCMMRD, the government expected a robust institutional and governance framework that provided adequate oversight and guidance, as well as stronger participation and shared responsibility from the states and communities.
Other expectations by government, he said, include “a wider spectrum of vibrant participants across the entire value chain and a solid archive; database of geo-sciences research and data that actively encourages investor participation; a thriving enabling environment that provides the key support infrastructure and services that enables the industry to flourish.”
According to the minister, “We are working to attract a diverse portfolio of participants, from artisanal miners, to junior explorers, to mining majors, into the industry. Our goal is to build a sector that is competitive and supportive of our overall job creation and wealth generation aspirations for Nigerians”.