The Federal Government has reiterated its plans to open up the down stream sector of the industry for more investment in order to optimise the value of solid minerals produced in the country,
The Minister of Mines and Steel Development, Arc. Olamilekan Adegbite made this known at a media interactive session on Nigeria Solid Minerals Downstream Workshop slated for 2nd December, 2019 in Abuja.
Adegbite who was represented by his S. A. on Special Duties, Sunny Ekozin, said he was glad to inform Nigerians that having articulated all the problems that have stalled progress in the sector, this regime is on the path to harnessing the potentials that abound in the sector for the benefit of all Nigerians.
“As part of the process leading to the revamping of the entire solid minerals sector, we are sensitising key stakeholders, especially large investors about this noble and novel initiative for the development of our solid mineral downstream value chain which will lead to massive job and wealth generation and industrialisation,” he noted.
Informing newsmen that the ministry has the full backing of Mr President to ensure that Ajaokuta Steel Company operation in the shortest time possible, the Minister noted that a situation where Nigeria gets only about 20% value out of about 35 million metric tonnes of unprocessed mineral products annually has to be changed.
“We shall stem the exports of jobs and wealth by unwittingly exporting over 35 million metric tonnes of unprocessed mineral products annually.
“We shall open up this sector to genuine local and foreign investors to actively participate in the downstream licensing of mineral plants,” he said.
According to him, the ministry’s strategy is to foster sustainable mineral development aimed at facilitating and promoting value added mineral products for both local and international market while addressing access to finance and mineral sector investment climate.
