According to President Muhammadu Buhari, the government’s efforts to diversify the economy have begun to have a positive influence on the economy thanks to the significant investment made in and prioritization of the mining industry.
At the 2022 Nigeria Mining Week opening ceremony on Tuesday in Abuja, Buhari made this statement.
Yemi Osinbajo, the vice president, is credited with giving the president’s speech, Okay.ng sourced.
Buhari claims that the government has purposefully prioritized the nation’s mineral riches over the years as a potential source of economic expansion.
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“This resulted in the thorough Roadmap for the Growth and Development of the Nigerian Mining Sector, and we have consistently adhered to the roadmap’s instructions.
This administration has so far dedicated more resources to the growth of the mining sector than any other government in the history of this country, he declared, without fear of contradiction.
He claimed that the significant investment made in the mining industry had paid off over time.
“We are happy to see how quickly the sector’s development indicators are shifting.
“One of these is, of course, the unprecedented financial interest that the business has drawn over the past several years, as well as the increasing revenue generating.
For the first time, Nigeria has a top-tier gold mine that is run by Thor Exploration in Segilola, Osun state.
Additionally, Mosra Enerji and Eta Zuma Mining and Industries limited mine and supply coal to the Dangote and Bua Cement facilities.
The owner of the Kagarko Integrated Steel Plant, African Natural Resources and Mines Limited, is about to make liquid steel from its iron ore mine in Kaduna State, he added.
According to the president, a number of additional investors were developing mines across the nation at various levels of development.
He continued by saying that the industry might increase export revenue and employment generation for the nation.
Additionally, he added, “it will spur industrial growth as a local supply of raw materials and enhance the standard of living in rural communities.”
He added that the process of concessioning Ajaokuta Steel Company is ongoing and that the current administration continues to place a high focus on the growth of the steel industry.
Without a thriving steel industry, we cannot realize our vision of an industrialized nation.
“We are aware of the enormous demand for steel and iron in both our home markets and the sub-region as a whole.
“For this reason, we gave the resolving of any problems impeding the full operation of the Ajaokuta Steel Company first priority.
In order to do this, a transaction adviser has been appointed to the concession agreements between the Nigerian Iron Ore Mining Company, Itakpe, and the Ajaokuta Steel Company.
“The hiring procedure is still under progress. Our goal, he stated, was to end the curse and make the dream of a thriving steel industry a reality.
The President urged Nigeria’s public and private sector organizations to consider concerns of climate change and sustainable development when conducting exploration and mining operations.
He claims that the extraction of mineral resources has a significant impact on the land, the water, the air, and other natural resources that are essential to human survival both now and in the future.
“It is impossible to ignore the terrible reality of the detrimental effects of oil and gas exploitation in the Niger Delta.
As a result, all mining industry participants have a duty to uphold proper environmental, social, and governance norms for the sake of the law, ethics, and our obligation to future generations.
In order to hold mining to the greatest standards of sustainable development and intergenerational equality, the government, he said, would continue to step up its regulation and oversight efforts.
He applauds other stakeholders and the Ministry of Mines and Steel Development for creating a favorable climate for investment in the mining industry.