Nigeria’s Minister of Mines and Steel Development , Mrs. Diezani Alison –Madueke who is also the Chairperson of ECOWAS Ministers in charge  of mineral resources development made the disclosure at the first meeting of the Ministers in Abuja,  organized by the Economic Community of West African States Commission.

Mrs. Alison- Madueke said that the strategy is to improve the macro-economic indices of member countries; create wealth and reduce unemployment through enhanced mineral development and production.

The Minister thanked the ECOWAS Commission for organizing the meeting describing it as timely, in view of the current global economic downturn.

Mrs. Alison-Madueke disclosed that, in order to make mineral resources wealth an engine of growth and development, there have been series of initiatives within the African continent intended to harmonize national policies and code.

According to the Minister, some of the initiatives were: the First Ministerial Conference of African Union Ministers in charge of development of mineral resources held last year at Addis Ababa, Ethiopia which resulted to the adoption of the “African Mining Vision 2050; the adoption of a Mining Policy in February 2009 for member states of African Union at the African Mining Partnership.

The Minister disclosed that Nigeria had developed a new legal and regulatory framework while institutional reforms were going on in the minerals sector.

Mrs. Alison- Madueke disclosed that Nigeria was strategizing to develop seven solid minerals: Gold, Bitumen, Coal, Iron-ore, Limestone, Barytes, and Lead/zinc to increase the nation’s Gross Domestic Product from the present 0.05% to 20% in the next few years.

She assured her colleagues from the other West African States of Nigeria’s cooperation and support in adopting harmonized guiding principles for the development of the Mining sector in the sub-region.

In his remarks, the President of the Economic Community of West African States Commission, Mohammed Ibn Chambas, represented by Honourable Mohammed D. Daramy, the Commissioner for Trade, Customs and Free Movement of Persons and Goods in the Commission, said that the essence of the meeting was to develop an ECOWAS Draft Directive on the harmonization of guiding principles for the development of the Mining Sector in the sub-region.

Dr.Chambas noted that, ECOWAS Head of States and Governments have been making tremendous efforts, aimed at enhancing the contribution of the mineral sector towards the economic and social development of the sub-region, in line with the provision on natural resources in the Revised ECOWAS Treaty, signed in Cotonou, in 1993.

He observed that despite the efforts made by member states of ECOWAS to develop the mining sector, there are still some challenges such as: the development of a community sustainable development plan, in consultation with stakeholders to create a common vision for a safe environment; revenue generation and its contribution to sustainable development and people’s welfare; the need for member countries to revise their mining codes as part of the  reform process aimed at promoting investments and ensuring competitiveness in the sector.

The President of the ECOWAS Commission highlighted the targets of the Common Mining Code in the sub-region as: social stability to ensure security of employment, income, food, acceptable norms of behavior, protection of human rights and communities.

Others are: Macro-economic stability to ensure sustainable and fair share of mining revenues and promotion of transparency with regards to revenue by member countries; Environmental sustainability; building and maintaining investors’ confidence; Mining sector’s contribution to poverty reduction and economic empowerment to receive the attention of member states.