|
To provide
solutions to the fundamental investment challenges which
have remained a major factor in the mining sector, the
Federal Government is to establish a Solid Mineral
Development Fund to boost the nation’s mining operations.
This was disclosed by the Minister of Mines and Steel
Development, Arc. Musa Mohammed Sada during the
commissioning of an Ultra Modern Quarry of Multiverse
Resources Plc. in Abeokuta, Ogun state.
The Minister said apart from oil, Nigeria is richly endowed
with mineral resources which could go along way at boosting
its economy if fully harnessed, adding that every state of
the federation has at least one type of mineral resource.
He disclosed that the Federal Government is working
assiduously to ensure that a well organized board is set up
for the solid minerals fund so as to bring about the desired
results
In the words of the Minister ‘’Federal Government is looking
that a well organized board is set up for solid minerals
fund. Currently we are working on solid minerals
development; fund will be established by government and we
have actually gone far in articulating this position ,the
legal framework is already in place, all we just need to do
is the financial framework‘’
Arc. Sada explained that the Nigerian Mining Act of 2007 has
already made provision for the establishment of the Solid
Minerals Development Fund, stressing that government is
committed to providing legal, social and fiscal environment
to encourage private sectors to invest in the mining sector.
He enjoined more entrepreneurs to take advantage of these
opportunities in the mining sector while the Nigerian Mining
policy and Mining Act of 2007 should serve as guide to grow
the sector.
The Minister who commended the establishment of a 1.2
million metric tonnes quarry plant noted that Ogun state is
well endowed with vast mineral resources that could be
exploited by government and entrepreneurs for the
development of the state.
The Minister also disclosed that the federal government
would soon release the results of the Airborne Survey
conducted to reveal the mineral resources located in each
geographical location of the country.
In
his remark, the Minister of State, Finance, Mr Remi Babalola
said that the present administration was committed to
transforming the nation’s economy, noting that the mining
sector remained one of the government priorities in
diversifying the economy.
Earlier in his welcome address, the Managing Director,
Multiverse Resources Plc, Mr. Ayedun Fashina commended the
Federal government for granting the company mining licenses
and cadastral approval.
He said the company which was established to provide
employment for the Nigeria’s teeming youth has 400 staffers
in its pay roll with an asset base of 3.7 Billion Naira
within five years period and about 4000 shareholders.
The Managing Director noted that the company is presently
faced with challenges of power supply and paucity of funds.
In another development, the Federal Government has disclosed
her readiness to partner all stakeholders in the mining
sector for the development of the mining regulations that
would guide the mining operations.
Arc. Sada made this known during his official visit to the
Western Metal Products Company Limited (WEMPCO) in Lagos
state, as part of his working tour of South West Zone of the
Minefield.
He said ‘’we will invite all stakeholders to look at the
mining regulations so that it will be their major document
to guide the mining operations’’
The Minister lauded the company (WEMPCO) for its efforts at
generating employment and creating wealth which he said
contributes significantly to the economy of the nation.
He therefore assured the company of the Federal Government’s
support and cooperation towards the development of its
mineral based industry.
Earlier in his remark, the Director, Western Metal Products
Company Limited (WEMPCO) Mr. Robert Jung said the company
which started with the production of household utilities
diversified into the production of building materials such
as galvanized roofing sheets; ceramic tiles , water pipes
among others in 1967.
The Director said the company made use of one hundred
percent local raw materials such as iron ore, kaolin and
feldspar for its production.
|
