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Industry close watchers have said that if the right steps are taken and the current momentum is sustained, the solid minerals sector in Nigeria can contribute up to 3% of GDP by 2025.
They are optimistic that going by the measures outlined in the current roadmap, the sectors’ contribution can move up from 0.5% to 3%.
Cyril Azobu, Advisory Partner and Mining Leader at PwC Nigeria said several important developments in the Nigerian mining sector in the last year bode well for the industry’s future: “Perhaps the most significant is the approval in August 2016 of a new roadmap for the sector by the government.
Azobu while speaking about the upcoming Nigeria Mining Week scheduled for the 16-19 October, 2017 in Abuja said the high-level, strategic mining investment platform will link investors, project developers, financiers, technology providers and government to share best practices and demonstrate the latest strategies to evolve the sector successfully.
According to him, “My vision for the sector is one that is profitable to all stakeholders and in which the Nigerian people are able to enjoy the maximum benefits possible for these natural endowments.
He further said that the Nigeria Mining Week is organised by the Miners Association of Nigeria in partnership with Spintelligent and PwC Nigeria.
On the new roadmap for the sector, the expert said this very important policy document has really set the tone for the development of the sector.
“Following from this, we have seen the constitution of the Mining Implementation and Strategy team whose duty is to co-ordinate the implementation of the roadmap and programme manage its execution”, He said.
He adds: “furthermore, the Federal Government also approved a N30bn Mining Intervention Fund. A significant proportion of the fund has gone into data gathering and a part of it is to go into capacity building for artisanal miners. We are also seeing the Federal Government making efforts to take advantage of some strategic minerals such as Steel and Bitumen but all of these are still in the early stages.”
It will recall that the Board of the Solid Minerals Development Fund was inaugurated by the Minister of Mines and Steel Development, Kayode Fayemi. this board according to Azobu has the mandate to restructure and operationalise the fund by designing the appropriate governance structure, organisation, strategies and operations for effective management. This development will help establish a governance and financial structure and attract more investment for the sector.
Another strong sign of an industry getting its house in order is the Federal Government inaugurating the Development Partner and Donor Agencies Coordination Group on Mining. The forum is expected to serve as a platform where development partners and donor agencies such as the World Bank, DFID, UNDP and the likes, meet to review, coordinate and synergise their programs with the aim of increasing the efficiency and effectiveness of assistance provided to the mining sector.
