Nigeria endowed with high quality, quantity of solid minerals, says Minister

From Charity Nwakaudu Abuja

The Minister of Mines and Steel Development, Olamilekan Adegbite has assured foreign investors that Nigeria’s solid minerals ranked among the best in quality and quantity.

Adegbite explained that the minerals are rated highest in return on investment because they are closer to the surface and have a low cost in production.

He also assured them of President Muhammadu Buhari-led administration’s resolve to give the best of incentives never found anywhere in the world to interested and serious investors.

Adegbite gave this assurance in his paper titled: ‘The Mechanisms of Transparency and Commitment in Mining Governance as Tool for Attracting Foreign Direct Investment to Nigeria’ on the Nigerian Day at the ‘2022 Prospectors & Developers Association of Canada (PDAC) International Convention, Trade Show and Investors Exchange in Toronto, Canada.

He further added that the Nigerian Government is seriously focusing on the solid minerals sector, which investors and investments bear top on its priority list as far as policies are concerned which make the mining sector very business friendly because of mechanisms put in place to promote ease of doing business as this is built on strong policy and regulatory structure is very the years.

He said that the robust structure, line by line, is the reason Nigeria is seeking to attract investment into the sector.

Adegbite also said that, the fact that global economies have experienced unprecedented challenges since the break out of the COVID-19 pandemic, and as a result, the conference was held in June.

“Nigeria has been part of this event for several years because of our determination to see exponential growth of the mining sector’s contribution to our GDP more than it has done in the past four years.

“We are here to collaborate and network with global leaders, professionals, investors, and Chief Executives of junior, mid-tier and major mining companies. It is also on this premise that the Ministry of Mines and Steel Development, in collaboration with industry stakeholders, vowed to pull resources and consolidate the 2016 Roadmap for the Growth and Development of the Nigerian Mining Industry, he said.