The nation’s mining sector, if well developed would assist the country to diversify its mono economic base on crude oil and create a second line of economic resource for the country.

The Minister of Mines and Steel Development, Arc. Musa Mohammed Sada dropped the hint during a meeting with the World Bank Task Team Leader, Mrs. Ekaterina Mikhaylova in his office.

The Minister said “As part of the way forward for the sector, we are looking at it as a future possibility for us to create a second line of economic input into the country”.

The Minister explained that efforts are in top gear between the Ministry of Finance, the National Planning Commission and the Ministry to harmonise all the activities in the mining and steel sector into the main stream of the nation’s economic framework apart from the revenue from oil.

He said “we are currently working with the Ministry of Finance and the National Planning Commission to be able to dovetail all the activities in the mining and steel sector into the mainstream of the country’s economic framework apart from revenue from oil that comes into the coffers of the Federal Government”.

The Minister also noted that “One of the areas we need to  look at is to have appropriate operational framework for the sector, so that the private investors will feel comfortable and work with us and  see the sector as a private sector driven enterprise’’.

The Minister commended the efforts and the successes recorded so far from the World Bank grants for the nation’s mining sector , noting that there was a remarkable improvement between the achievements recorded before and after the World Bank intervention.

Arc. Sada pointed out that before the World Bank intervention, the nation’s mining sector operated without the legal regulatory framework which was to provide a conducive environment for both local and foreign mining investors.

Arc. Sada lauded the World Bank for the proposed additional financing and extension for the mining sector which he was hopeful will accommodate the steel sub sector of the industry which was not part of the ministry initially at the commencement of the World Bank Assisted Project

The Minister expressed optimism that with the extension of the additional financing from the World Bank to the steel sector, it will go a long way at developing the sector particularly in the area of industrialization.

Arc. Sada noted that the recent Stakeholders’ Forum on the Review of the Draft Minerals and Mining Regulations was well attended by international mining investors, adding that copies of the Draft would be taken to the forthcoming International Fora both in South Africa and Canada for their inputs.

The Minister added that the idea behind this development is to make the international mining operators comfortable with the operational guidelines in the country.

Arc. Sada also reaffirmed the Federal Government’s commitment to develop the infrastructure and regulatory framework for the nations’ mining industry to yield desired results.

Earlier in her address, the new World Bank Task Team Leader in Nigeria, , Mrs. Ekaterina Mikhaylova a Senior Mining Specialist said her visit to Nigeria is to finalise appraisal for the additional financing of US $80 Million Dollar credit from the World Bank for the Sustainable Management of Mineral Resources Project.

She lauded the success made so far in the first phase of the World Bank Grant, saying that the additional financing project is a direct continuation and expansion of the first project which was meant to collect geo- data of the nation’s mineral resources, finalise the activities of the Artisanal and Small Scale Miners (ASMs), provision of equipment to ASMs and host communities as well as capacity building.

According to her “The main objective of the visit to Nigeria is to finalise appraisal for the additional financing credit. Let me congratulate the team on the good progress of their regional project. It has been rated very satisfactory and my management has been pleased with the progress achieved to date”.

The World Bank Task Team Leader explained that the additional financing was meant to ensure the sustainability of the progress made so far in the project.

She added that in an effort to finalise all technical aspects of the additional financing project, the Ministries of Finance and Justice would be carried on board.

She said “We need to involve Ministries of Finance and Justice. We need guidance from their sides so that there will be no surprise on the issue at the negotiation table’’.

She explained that the additional funding would accommodate the steel sub- sector, have some legal regulatory adjustment and capacity building among others.

Mrs. Mikhaylova disclosed that the additional funding will be released for the project between the months of June and July 2011.

 The World Bank Task Team Leader therefore called on the federal Government for a continued collaboration to achieve a sustainable development of the nation’s mining industry.

 It would be recalled that the new Task Team Leader, Ekaterina Mikhaylova took over the mantle of leadership of the nation’s Sustainable Management of Mineral Resources Project from her predecessor, Mr. Craig Andrews who was the Task Team Leader of the Project for many years.