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Business News of Wednesday, 17 August 2022

Source: premiumtimesng.com

FG committed to promoting mining sector - Minister

Minister of Mines and Steel Development, Olamilekan Adegbite Minister of Mines and Steel Development, Olamilekan Adegbite

Nigeria’s Minister of Mines and Steel Development, Olamilekan Adegbite, said Tuesday that the government is committed to the promotion of the solid mineral sector in the country.

Mr Adegbite disclosed this at the pre-press briefing of the 6th edition of the annual Nigerian Mining Week in Abuja.

He explained that the government has “been putting all its political will and weight behind the promotion of the sector and the event to gather investors, mining houses, thought leaders, innovators and disruptors.” According to him, the sector is well positioned to support supply chain diversification as well as the security of supply on a global scale.

“It is with joy that I announce the return of Nigeria’s leading industry event on the calendar: Nigeria Mining Week; which will be back in person at the Abuja International Conference Centre from 1st –3rd November 2022,” he said.

“After two consecutive years of digital connection, the entire mining value chain will reconnect face-to-face and explore the many exciting opportunities that the mining sector of this West African block offers, while the progress that has been made so far to kick-start the country’s mining sector will be showcased.

“The event is being organized by the Vuka Group and PwC Nigeria in collaboration with the Miners Association of Nigeria (MAN), and is designed to promote what is widely regarded as the best next investment destination for mining houses and investors,” he said.

The minister also noted that this year’s event had been designed to promote the best next investment destination for mining companies and investors.

He said: “This event forms part of our strides in beating the country’s proverbial mining drum loudly and clearly. We grace many mining fora around the globe and communicate the message that the Nigerian Mining Sector is ready for investment and development. The results are worthy of mention with exciting new projects that are in active development or already up and running.

“Key issues to be discussed, according to him, would include the critical mineral resources which are the building blocks for new technologies providing us with green renewable energy.

“ESG global trends, the journey so far on the bankable geoscientific data acquisition, NIMEP and downstream opportunities. You may please note that Nigeria is one of the epicentres for the next technological change in the mining sector and is well positioned to support supply chain diversification as well as the security of supply on a global scale.

“Therefore, we are carrying a model that will enable us to network with colleagues from all around the globe, hear expert analysis, secure deals in private chats, and debate the latest opportunities and challenges of the mining industry,” he said.

Prospects

Also speaking, the Minister of State, Mines and Steel Development, Gbemisola Saraki, noted that this year’s edition would welcome the entire mining ecosystem, including mining companies, and operators among others to discuss the key challenges and solutions surrounding the mining industry.

“Our assertions during this session will address the direction of thought as a nation and the imperatives of a long-term plan for the mineral and metals industry in Nigeria,” Mrs Saraki said.

In his address, the acting President of the Miners Association of Nigeria, Musa Muhammad, noted that the success the association aims to achieve in this year’s mining week will fall in line with the emerging developments and performance of the sector.

“This is especially towards the diversification of the nation’s economy away from oil and gas and with a focus on mineral endorsements of the nation to actualize this agenda,” he said.

“The year 2022, being a pre-election year in Nigeria, the Nigeria mining week offers a good opportunity to highlight the strength of the mining industry and how this can be leveraged on emerging opportunities to further grow the sector.

According to him, this year’s edition will focus on the successes and wins in the mining sector with particular reference to gold, iron ore, Barite, bitumen and kaolin.

“There is a lot of great news to share for each of these,” he said.

On his part, Echezonachukwu Uduji, manager, mining sector, PricewaterhouseCoopers Nigeria, noted that the mining sector remains one of the key sectors that would contribute significantly to the diversification agenda of Nigeria’s current administration and the need to move Nigeria into a non-oil dependent economy.

“We are pleased that the government is taking the mining sector seriously and we are excited about the prospects and opportunities that the sector provides.

“We call on all local and international stakeholders in the mining ecosystem to join us at the Nigeria mining week where we intend to look at the challenges currently faced by the sector and proffer workable solutions to ensure that these challenges are solved,” he said.