“This should be a forum where partners and agencies meet to review, coordinate and synergise their programs with the aim of increasing the efficiency and effectiveness of assistance provided to the sector,” he said.
Browsing: Dr. Kayode Fayemi
The minister stressed that one of the priority goals of the ministry is to position the mining sector to play a greater role in sustainably diversifying the country’s revenue base, creating jobs and fast-tracking industrialisation.
Fayemi who undertook the tour of the various plants and the harbour in the complex with the Minister of State, Hon. Abubakar Bawa Bwari, lamented that the huge national asset was left to rot, in spite of its potential to help boost the economy and create employment opportunities.
“It is a sector that seems to have defiled recession, according to the bureau of statistics, its growing while other sectors may be experiencing challenges; that is not to say that we have reached Eldorado. But, it is a journey and we are beginning to see concrete development and the President as you know also approved an intervention fund for this sector, the first of its kind in the history of the mining sector,” he said.
Fayemi said that he would meet with the Minister of State, Petroleum Resources, Dr. Emmanuel Ibe Kachikwu to look into the issue why the local oil companies refused to patronise the local baryte producers but preferred to import the products.
“As a country, we have the best tax holidays worldwide, all miners have three years tax holidays from the government. Again, out of the 40 minerals in the country, we have selected seven strategic ones for concentration. The minerals are limestone, barytes, iron, bitumen lead and zinc. We also have duty free on all mining equipment,” the minister said.
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 that some of the defaulters did not conduct Environmental Impact Assessment (EIA) before commencing operations, adding that this could be dangerous to the host communities’ health and cause environmental degradations.
“Government is committed to the scheme. Our miners cannot achieve much as long as they rely on shovel and digger for their work. We also know that modern equipment are quite costly. So, government would make arrangements with financial institutions and some operators to make the equipment available for leasing.”
“What Dangote is doing is marvelous. We need to commend them. The way they led the backward integration policy to turn around our fortunes in the cement industry. I am delighted to see the development here bigger that what I saw the last time. And we are looking at how we can replicate the successes in the cement industry in other non-oil sectors of our economy.”
