The federal
government will integrate all activities in the country’s mining and
steel sectors into the mainstream of the national economic framework,
as part of efforts to diversify the country’s revenue base from oil.
Musa Sada, the
minister of mines and steel development, said in Abuja during a meeting
with the World Bank Task Team Leader, Ekaterina Mikhaylova, that the
ministry is currently working with the ministry of finance and the
national planning commission to achieve this objective.
“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,” Mr. Sada said.
The minister
identified appropriate operational framework as one of the areas that
would attract private investors to the sector, pointing out that the
intervention of the World Bank in the country’s mining sector through
the provision of a legal and regulatory framework for sector operations
has inspired confidence in both local and foreign investors.
To create more
awareness on the sector, the minister said copies of the Draft Minerals
and Mining Regulations produced during the recent Stakeholders’ Forum
on the review of the document would be taken to the forthcoming
International Fora in South Africa and Canada for investors’ inputs, to
give international mining operators confidence on the operational
guidelines in Nigeria.
He commended 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.
While urging the
World Bank to extend the proposed additional financing for the mining
sector to cover the steel sub-sector, he was optimistic that it will go
a long way to facilitate the development of the sector, particularly in
the area of industrialisation.
Earlier, Mrs.
Mikhaylova, a senior mining specialist to the World Bank, said she was
in Nigeria to finalise the appraisal for the additional $80 million
World Bank financing credit for the Sustainable Management of Mineral
Resources Project. The funding would be released between June and July
this year.
The additional
financing project meant to ensure the sustainability of the progress
made so far in the project, she explained, was a continuation from the
first phase, which was meant to help collect geo-data of the nation’s
mineral resources, finalise activities, as well as provide equipment to
artisanal and small scale miners (ASMs), and host communities as well
as capacity building.
Though Mrs.
Mikhaylova assured the mines and steel minister that the steel
sub-sector would be accommodated by the additional funding scheme, she
said the ministries of finance and justice would be involved in the
negotiations to finalise all technical issues, considering that some
legal regulatory adjustments and capacity building would have to be
addressed.
Mrs. Mikhaylova
implored the federal government to continue its collaboration with the
World Bank to achieve a sustainable development of the nation’s mining
industry.
