Sustainable development of the Solid Mineral Sector has been identified as fundamental to the diversification of the nation’s economic dependence on oil and gas.

President Umar Musa Yar’Adua declared this while declaring open the 4^th edition of the International Mining Investment Conference and Exhibition organized by Mineral Watch Consult Limited in collaboration with ICTC International, Canada in Abuja.

The President who was represented by the Minister of Mines  and Steel Development, Mrs. Diezani Alison – Madueke said that the current global economic downturn  coupled with the dwindling price of  crude oil in the international market called for a need to focus on other areas of comparative advantage such as Agriculture and Solid  minerals development. 

The President who was represented by the Minister of Mines  and Steel Development, Mrs. Diezani Alison – Madueke said that the current global economic downturn  coupled with the dwindling price of  crude oil in the international market called for a need to focus on other areas of comparative advantage such as Agriculture and Solid  minerals development. 

He  added  that the challenges posed by the present economic crisis requires the collaboration of relevant stakeholders to come up with strategies at ensuring that the sector plays its role as a major source of revenue for government.

The President noted that the Ministry of Mines and Steel Development was embarking on some key initiatives such as: coal to power project, development of bitumen which have been identified as critical to the success of our current economic programmes, stressing that, a national framework on Public Private Partnership (PPP) and Infrastructure Concession and Regulatory Commission had been constituted by the Federal Government to drive the initative.

President Yar Adua charged the participants at the conference to rise up to the challenge and come up with a roadmap of innovative funding options to facilitate the final takeoff of the sector of the economy.

While delivering her key note address, the Minister of Mines and Steel Development who was represented by the Director, Mines Inspectorate in the Ministry,  Engineer Abubakar Ibrahim said that the conference came at a time when the Ministry was strategically re-positioning to optimally address the challenges of the sector in view  of the current global economic recession.

The Minister who noted the socio-economic importance of the solid minerals sector, called for investment initiatives that would assist in the development of the sector.

Mrs. Alison – Madueke added that the development of the solid minerals sector is critical to the realization of the present administration’s Seven Point Agenda of Power and Energy, Food Security, Wealth creation and Transportation.

She also reiterated  Federal Government’s commitment on the  Coal to Power Project, stressing that, eleven Strategic Coal clusters have been identified across the country to generate electricity of at least 600 mega watts over the next 20 to 30 months   and beyond under the Independent Power  Project.

The Minister also disclosed efforts of the Federal Government at restructuring Ajaokuta Steel Company Limited and the National Iron Ore Mining Company, Itakpe to operational level thereby making returns between the year 2010 and 2011, when they would be considered for transfer to private ownership in a profitable and sustainable manner.

 She said that the Ministry has started the process of developing the nation’s bitumen resources through competitive bidding as provided for under the Nigerian Minerals and Mining Act 2007 so as to ensure that operators with the financial and technical ability are attracted to the sector.

The Minister who noted the challenges such as lack of Infrastructure in the form of rail lines, roads, power and mineral reserve data facing the development of  the solid mineral sector, said that the Ministry was already courting the participation of investors in the provision of infrastructure through arrangements provided by the Public Private Partnership Initiative of the Federal Government.

Earlier in his welcome address, the Chairman, Mineral Watch Consults Limited, Professor Morufu Rahaman said that the conference would serve as a forum for the stakeholders in mining such as major and junior mining companies, Government Ministries, Investment Banks, and Mining Consultants to meet and tackle new challenges on the way forward for the development of the mining sector.

He said that the present global economic recession called for the need to embark on a new economic paradigm to weather the storm and reposition the sector for the opportunities the new era unfolds.

The Chairman, Senate Committee on Solid Minerals, Senator George Sekibo in his good will message commended the organizers of the conference assuring that, the Senate of the Federal Republic of Nigeria would partner with any organization that is willing to develop the sector.

In the same vein, the Chairman, House Committee on Mining, Honourable  Yakubu Barde  who was represented by his Deputy, Honourable  Arole Fancy said that concerted efforts should be made to create an enabling environment for the development of the Solid minerals sector.

Also, the President, Nigerian Mining Geosciences Society, Professor Tony Elueze said that the society would continue to provide technical support to the sector, adding that, there is the need for the Nigerian Mining Geosciences Society and Stakeholders on Mining to collaborate with a view to providing the platform  for more vibrant economic activities in the country.

The conference attracted various speakers from local and international community who presented papers among others on: - Natural Resources: Strategic Development Initiative as part of solution to economic crisis; Fast tracking Mineral Development: NGSA setting the pace in the race to Vision 2020.