Headlines
Tinubu promised to build the mining value chain for economic development
President Bola Ahmed Tinubu has stated that his administration is prepared to develop the mining value chain by fostering an atmosphere that would allow all participants to thrive for the expansion and development of Nigeria’s economy.
At the 8th edition of the Nigeria Mining Week, which is now taking place, Tinubu made the announcement. He described the event as a networking opportunity for those involved in the mining sector to highlight the enormous potential of the Nigerian mining sector.
The 2023 Mining Week theme, “Capitalising on Nigeria’s Critical Mineral Resources For Economic Growth,” underscores the Federal government’s commitment to sustainable development and collaboration within the mining industry, with a specific focus on maximising Nigeria’s mining potential, according to Tinubu, who was represented by Senator George Akume, Secretary to the Federal Government (SGF).
President Bola Ahmed Tinubu has stated that his administration is prepared to develop the mining value chain by fostering an atmosphere that would allow all participants to thrive for the expansion and development of Nigeria’s economy.
At the 8th edition of the Nigeria Mining Week, which is now taking place, Tinubu made the announcement. He described the event as a networking opportunity for those involved in the mining sector to highlight the enormous potential of the Nigerian mining sector.
The 2023 Mining Week theme, “Capitalising on Nigeria’s Critical Mineral Resources For Economic Growth,” underscores the Federal government’s commitment to sustainable development and collaboration within the mining industry, with a specific focus on maximising Nigeria’s mining potential, according to Tinubu, who was represented by Senator George Akume, Secretary to the Federal Government (SGF).
He continued by saying that the Ministry of Mines and Steel Development’s devolution is intended to show the federal government’s commitment to increasing its contributions to the growth of the nation’s economy. He added that the current administration has seen enormous profits recorded through the export of crude mineral resources, which has improved the quality of life for the people of the country.
READ ALSO: Tinubu- offers 15 million families conditional cash payment
“By guaranteeing policy consistency and proper security, the government should continue to provide a healthy business climate for investors to operate in the sector.
“Nigeria is known for its oil and gas, which is only a fraction of its blessed natural resources, and there is a need for Nigeria and Africa at large to diversify and develop other sectors to harness their potentials,” he continued.
Earlier, Prince Shuaibu Abubakar Audu, the Minister of Steel Development, reaffirmed that the Mining Week is a crucial forum for networking, knowledge sharing, and the development of the potential of our mining sector.
The theme for this year’s Nigeria Mining Week, according to him, is more than simply a catchphrase; it is a call to action for the government to realise the enormous potentials hidden beneath Nigeria’s surface.
By converting the Ajaokuta Steel Company Limited (ASCOL) complex into a Free Trade Zone and designating the 24,000-hectare area of Ajaokuta as an Industrial Park, we have taken steps to diversify Nigeria’s economy and draw Foreign Direct Investment (FDI). By reviving the steel industry, generating jobs, and promoting regional economic development, this strategic effort hopes to transform the historic city of Ajaokuta into an industrial park.
“This comes on top of the creation of a three-year strategy for Ajaokuta and a larger five-year plan to increase steel production in other regions of the nation. This all-encompassing strategy intends to utilise Nigeria’s enormous iron ore resources for industrial progress.
In the meantime, the solid minerals sector is currently sparking a heated interest, especially from the lower tiers of government, according to Dele Ayanleke, president of the Miners Association of Nigeria.
“This will come with some constitutional and legal challenges, but we think that the thoughtful handling of those issues will offer a practical model for the streamlining of all legal and regulatory frameworks, accelerating the sector’s growth in line with the 7-Point Agenda recently unveiled by the Honourable Minister of Solid Minerals Development.
“It is also significant to note the synchronicity between the rapidly accelerating global energy transformation and the fact that Nigeria is incredibly rich in the minerals required for this global agenda.