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*Says Pre-Shipment Inspection Agency Created To Check Export Undervaluing, Leakage
Towards addressing funding gaps in the solid minerals sector, the Minister of Solid Minerals Development, Dr Dele Alake on Tuesday said that grant for high impact exploration programmes has been approved for the sector.
This, he said, will provide financial and technical support to proponents exploring for minerals in Nigeria, who do not have the financial muscle to carry out their projects.
He spoke in Abuja during the 10th edition of the Nigeria Mining Week.
It was themed "Nigeria Mining: From Progress to Global Relevance”.
The grant, according to the Minister, is capped at 50% on the project cost.
Dr. Alake said "This programme will support Minerals exploration and it will be capped at 50% of the eligible cost of the entire project."
He disclosed that the government also plans to distribute grants and scholarship support to further the future of geosciences in Nigeria.
"This support will enable the next generation of geologists to conduct research necessary to support our industry and develop local standards."
Another announcement he unveiled at the occasion is that henceforth all geological data in the country must be held at a central pool, which is the office of the Nigerian Geological Survey Agency.
The President Tinubu's Renewed Hope Agenda, he said, has been driving reforms in the sector towards repositioning the sector for greatness.
Dr. Alake also revealed that the President has approved the establishment of Pre-Shipment Inspection Agency for the sector towards checking undervaluing and leakages associated with minerals export.
He said the President also approved the establishment of the Nigerian Minerals Development Company, which will be private sector driven to stave off undue political interference and endure beyond any administration.
He also gave kudos to the Tinubu administration for bold steps taken by pursuing project plans that were conceived and abandoned over fourty years ago.
He hailed the National Assembly for the support to the sector over the years.
Without the stakeholders and investors, he pointed out that Nigeria's Solid Minerals sector will not be where it is today.
"Your steady arm of support has put us on the right track." he noted.
The Permanent Secretary in the Ministry, Engr Faruk Yusuf Yabo, said that the theme of the week captured the solid minerals journey so far and its ambitions going forward.
According to him, it is a clear indication of where the sector is heading to
The progress in the sector, so far, he said, is evident in the transformation been championed by the Minister, Dr. Dele Alake.
Commending the partners and organizers for the event and consistent partnership with the Ministry over the years, the Permanent Secretary reaffirmed the Ministry’s commitment to positioning the sector as the mainstay of the Nigerian economy and take its rightful place at the global stage.
Dr. Orji Ogbonnaya Orji, Executive Secretary and CEO of the Nigeria Extractive Industries Transparency Initiative (NEITI), commended the far-reaching reforms in the sector.
He also hailed the revocation of dormant licences in the sector and the introduction of mines Marshals.
Dr. Orji pushed for sustainability of the reforms, and called on the Ministry to address licencing delays and multiple taxes in the sector.
The Partner and Mining Leader of PwC Nigeria, Cyril Azobu, said that the 10th Nigeria Mining Week is a celebration of a decade of progress, innovation and resilience in mining sector.
According to him, Nigeria's focus should now be about transitioning from being a Minerals producer to a Minerals processing and value addition hub.
Edamisan Tayo, the Chief Financial Officer of Kursi Group, noted that there are some challenges in the sector including infrastructural gaps.
He stressed on strong partnership, capacity building, infrastructure investment and transparent regulatory enforcement among others factors to overcome the challenges.
On his part, the National President of the Miners Association of Nigeria, Mr 'Dele Ayanleke, said the Nigeria Mining Week has remained a catalyst for sectoral dialogue, innovation, and reforms — bridging the gap between policy and practice, operators and investors, and ideas and implementation.
He said that through the platform, Nigeria has seen the introduction of cutting-edge technologies, policy reforms, strategic partnerships, and capacity-building initiatives that continue to redefine the mining landscape in the country.
He said "Today, our sector stands more vibrant and structured, even as we have witnessed significant strides in exploration budgets, formalization of artisanal miners, growth in investment inflows, and the adoption of modern technologies to drive sustainability"
He however noted that challenges are persisting in the sector, including insecurity, illegal mining, infrastructure gaps, access to finance, and capacity-building needs.
"These are, however, not setbacks, but opportunities to innovate, to collaborate, and to chart a bold course for the next decade of Nigeria’s mining evolution." he said
The Chairman of the Senate Committee on Solid Minerals, Senator Ekong Samson, disclosed that the Senate is open to collaboration with the sector and that it will spare no effort in working with the sector to achieve the best results.