The establishment of the fund was aimed at supporting the ministry’s policy framework, developing the sector and providing necessary administrative management of the fund in the following ways: the development of both human and physical capacity in the sector; funding for geoscientific data gathering, storage and retrieval to meet the needs of the private sector.
“Honestly speaking, the level of mining companies compliance with the ministry’s law and regulation is very low. We have started a sensitisation programme across all the zones, educating them on why it is mandatory to adhere to our law to avoid sanctions,” he said.
It noted that there are no large-scale miners in operation in Nigeria today outside the limestone industry, as investors perceive the policy and investment climate to be hostile to business and lack of required infrastructure.
According to him, under the new roadmap, there would be an independent regulatory agency for the mining industry as being advocated for by the operators in the mining sector.
14 October 2015, Lagos – Nigeria stands to earn about $50 billion from her abundant solid minerals if the necessary framework…
04 August 2015, Abuja – President Muhammadu Buhari on Tuesday took on top officials of the Ministry of Mines and Steel…
