BY AKUDORO GLORIA
The Federal Government has expressed plans to add 50 per cent revenue to the nation’s gross domestic product (GDP) through the solid mineral sector.
The Minister of Solid Minerals, Mr. Dele Alake who disclosed this, noted that this will be achieved through strategic attraction of foreign direct investment.
Mr. Alake stated this while unveiling the “Agenda for the Transformation of the Solid Minerals for International Competitiveness and Domestic Prosperity” in Abuja, on Sunday.
A statement signed by the Deputy Director, Press in the ministry, Alaba Balogun stressed that the ministry will focus on a seven-point agenda to include the creation of the Nigerian Solid Minerals Corporation, Joint Ventures with Mining Multinationals, Big Data on specific seven priority minerals and their deposits.
He added other possible initiatives to include a 30-day grace for illegal miners to join artisanal cooperatives, Mines Surveillance Task Force and Mine Police, Comprehensive review of all mining licenses and the creation of 6 mineral processing centres to focus on value-added products.
Alake added that the removal of subsidy and the adoption of a single exchange rate are among the fundamental transformational policies of this administration.
“This radical approach to making the economy resilient in the long term is the guiding principle of the management of the Ministry.
“The Ministry has to take the bull by the horns if the country must reap the harvest of the trillion dollars worth of minerals under the ground across the country.
“To achieve this laudable objective, there has to be a paradigm shift in the strategy by re-positioning the sector in terms of the human and capital factors that can drive its transformation,” the minister said.
He also restated the ministry’s commitment towards incorporating the Nigerian Solid Minerals Corporation as mining is big business.
He further noted that Nigeria must assert its presence in environment by replicating its strategic positioning in the petroleum sector and setting up a corporate body that will play fundamental role in this field.
The minister explained further that the proposed body will have subsidiaries to do business in the seven priority areas that require immediate intervention including minerals such as gold, coal, limestone, bitumen, lead, iron-ore and barite.
He disclosed that existing enterprises like the National Iron-Ore Company and other ongoing arrangements, such as the Bitumen Concessions Programme, will be reviewed to fit into the new system.
“The proposed corporation will seek and secure partnership investment agreements with big multinational companies worldwide to leverage on the attractive investment-friendly regime operating in the country to secure massive Foreign Direct Investment for the mining sector.
“The positioning of the national corporation as a guarantor and protector of the partnership agreements is expected to assure partners of our seriousness and fidelity. It will also provide robust support for Nigerian businessmen seeking funding abroad and help to authenticate their investment proposals to speed up the commitment of their partners to invest.
“Domestically, the Solid Minerals Corporation will engage the Nigerian financial system, which has demonstrated palpable reluctance to support mineral prospecting and mining because of the long-term gestation of value generation by developing a Fund to facilitate investments in mining at interest rates that will be mutually agreed,” Alake said.