By Favour Nnabugwu
In line with the federal government economic transformation agenda through promotion of maximum utilisation of abundant mineral resources in the country, mining operators under the aegis of Progressive Miners Empowerment Association has said the mining sector would require capital injection of  N200 billion to tap the potentials in the sector.

National President of the association, Mr Sunday Ekozin made this known during a press briefing held in Abuja. He said  that the mining industry needs nothing less than N200 billion to explore the country’s mineral resources and take the nation’s mining to where it ought to be.

It is against this backdrop that the association has put together a maiden National Mining Forum that would create the required awareness and sensitize the Nigerian populace and relevant authorities on the potentials that abound in mining.

He said though mining  has a long gestation period and is capital investment but  the returns on investment in the sector are enormous.

Regrettably, Ekozin said mining in Nigeria has been relegated to the background since in the 1970s but asserted that mining operators have a clear understanding of the economic development the country stand to gain from it if only Nigeria can invests in the sector.

The mining of minerals in Nigeria accounts for only 0.3 per cent of the country’s Gross Domestic Product, GDP due to the influence of its vast oil resources while the domestic mining industry is underdeveloped and as a result, the country imports minerals that it could ordinarily produce locally.

But globally, the mining industry has been a close rival to the oil industry, though the nation earns a paltry $89 million from it per annum. However, rights of ownership of mineral resources is held by the federal government, which grants titles to organisations to explore, mine, and sell mineral resources.

Ekozin said there are several factors that will stimulate the mining sector if looked into. First, is the diversity of Nigeria’s metallic and nonmetallic minerals. Second when international investors are prepared to bear exploration costs and risks, given a favourable policy framework.

The national solid mineral policy of the Federal Government, which replaced the old mining laws and regulations, has offered a competitive environment for solid minerals development which is why the association is among other objectives, determined to  attracting foreign investors in the mining sector; create 2 million jobs with  the unification and coordination of 100, 000 miners that would in turn create employment for a minimum of 20,000  in the four categories of mining namely; Large scale mining, Medium scale, smooth scale and gemstone mining.

More so, the country is said to have 76 minerals that are scattered across all the states of the federation including energy minerals, industrial minerals, metallic minerals, semi precious minerals and gemstones but Ekozin who claimed to have been in the mining sector for over 20 years, said the countryfs strength in mineral resources lies in industrial, metallic and gemstone mining.

Aside that he explained further that the on day mining forum slated for October 2011 would afford miners  and stakeholders to galvanise funds for the development of mining; network and also create the necessary synergy that would paved way for coordination of over 100,000 miners scattered around the country.

He said the association hoped to unify miners including those that were tagged as illegal miners so as to operate under one body and to command government and all relelvant agencies to the mining sector.