Mining roadmap out next week, says Minister

Minister of Solid Minerals, Kayode Fayemi

The Minister of Solid Minerals, Kayode Fayemi, on Tuesday said the ministry would, in the coming week, release the roadmap that would guide local and foreign investors in the mining sector.

Aside detailing the quantity and quality of mineral deposits in the country, the document, when released, would also state the categories of mining licences as well as ensure strict adherence to the conditions attached to them, among other things.

Mr. Fayemi disclosed this during a meeting with the Canadian High Commissioner to Nigeria, Perry Calderwood, in Abuja on Tuesday.

The minister, who said the country was set to partner Canada and other countries with successful mining industries, disclosed that his findings had revealed that Nigeria would earn more revenue and boost its economy if it could effectively block leakages in the sector, ensure adherence to regulatory framework and put in place a thorough supervision of the sector.

“By the time we release the roadmap, more investors will show interest in the sector”, Mr. Fayemi said, lamenting that 80 per cent of the artisanal mining in the country were unrecorded.

He stated that the successes recorded in the agric and mining sector would boost the President Muhammadu Buhari’s administration’s plan to diversify the economy.

Stressing that the Minerals and Mining Act of 2007 contained best practices in terms of incentives to investors, Mr. Fayemi said government was set to implement it by partnering with the ministry of industry, trade and investment as well as the National Assembly, Nigerian banks and the universities.

Mr. Fayemi said, “We are working out partnership with the ministry of industry, trade and investment to help market the sector; our research institutes and universities to achieve better data and supply of expertise; the National Assembly for legislation. We also need the financial sector to understand the mining sector. We need the banks to set up solid minerals desk in their banks.”

The Canadian High Commissioner had earlier commended the Buhari administration for demonstrating strong commitment towards diversifying the economy through mining and agriculture.

He urged the government to make the sector more attractive to investors by tackling security and regulatory issues, which according to him, were sources of discouragement to investors.

Responding, Mr. Fayemi said the Nigerian government was tackling the issues, stressing that “security, corruption and growing the economy” remain paramount to the administration.


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  • abuasmau

    Praying for your success.

  • K-KAY

    Your ability isn’t in doubt, Fayemi. We look forward to results. The masses are solidly standing behind the entire team.

    • aisha ani

      I am routing for Fayemi, he will do a much better job here.

  • Julius

    Thank you. This wasnt done in the 16 years of pdp presidency…not to mention the Jonathan years, part of the 16 years !

  • Peter_Edo

    for those wailers, This is a part of the change we voted for!

  • Enemona

    I have this strange feeling that, in decades, we’re only just having what looks like a serious government.

    • PolyGon2013

      Yes. That’s why we changed the government.

  • Proud Yoruba

    I still insist that our development in Nigeria must be organic and evolutionary. I don’t like the idea of asking foreigners to develop the mining sector when you admit that 80% of the artisinal mining is done illegally by Nigerians currently. Nigerians can form companies and do their own mining without help from Canada, Australia, or otherwise. We must do it on our own, only way to prevent capital flight and exporting jobs.

    You will be surprised the level of knowledge and competency possessed by Nigerians, let them buy foreign technology and do their own mining under the watchful eye of the Ministry, and let the foreigners only bring foreign direct investments to Nigeria. We don’t want their partnership or their investments here, we can hire them as consultants if the are subject matter experts, but please don’t hand over the mining sector to them like we did with petroleum and are now taking it back slowly.

    Mr. Fayemi should make the ministry more transparent, update the web side, ensure current information is disseminated via the website daily, enhance the enforcement department to oversee all projects, do the hard work of monitoring and oversight of all the mining projects, and we will get better results than handing it over to foreign companies to do our job. Our mining must be done by Nigeria indigene companies ONLY. No partnerships, no ifs, ands, or buts!

    Revamp the business processes of the ministry to 21st century procedures, employ modern technology to implement new business practices, enhance technology to prevent human intervention in decision-making to prevent corruption, (remember the more human beings are involved in the decision making process, the more you introduce opportunities for corruption). Modernization of the ministry, its business processes, and technology will go a long way in making the ministry profitble and successful in a shorter period of time and leave a lasting legacy of zero opportunity for corruption, if all loop holes are closed via transparency and accountability.

    • PolyGon2013

      I concur.

    • Mockme

      What do you mean by “Direct Foreign Investment” if not the investment from those foreign countries?

    • hyperbole123

      thanks for this. i really dont like fayemi’s ideas.. or his aura

    • usabram

      The idea is to make it legal for states and federal govt to collect royalties and tax

  • MushinSpeaks

    Fayemi did excellently well as Ekiti Governor for Four years; I believe his judgement and capability to revive the mining sector. Oil price has crashed and it is imperative to dwell on other sectors to generate revenue