By Gabriel Ewepu

THE Minister of Mines and Steel Development, Arc Olamilekan Adegbite, has wooed investors on minerals in Nigeria used for electric car and phone production.

Adegbite made this known to investors while speaking recently at the Mining Conference held at Riyadh, capital of Saudi Arabia, which was contained in a statement signed by the Special Assistant on Media to the Minister of Mines and Steel Development, Ayodeji Adeyemi, where he also boasted that the Nigerian mining sector is one of the most investors friendly globally.

According to him, the Government of Nigeria has intention of auctioning mining rights to investors on some strategic minerals later in 2022, which already other investors are trooping into the country to take advantage of the mouth-watering incentives in the sector.

He said: “We have strengthened governance and transparency in the sector and provided assurance to investors through the upgrade, automation, and decentralization of the Mining Cadastre Office (MCO).

“We are improving the connectivity between investors and the public with important geological information through the establishment of a Nigeria Geo-Data Centre at the Nigerian Geological Survey Agency.

“As we deepen our efforts to revitalize the mining sector, we are doing so with lessons learnt from a half-century of resource extraction.

“We recognize, for instance, that it is not enough to seek investments merely for the sake of exploitation and extraction. Rather than writing this new chapter of economic growth, our aim is to develop local industries, generate employment, and focus on resource beneficiation to create wealth along the mineral value chain.”

Meanwhile, on the sidelines of the conference, the Minister told journalists that the Buhari-led government had invested $50 million to explore some minerals including gold, lithium and other metals.

“To date the country has discovered over 44 minerals occurring in commercial quantities across the 36 states and the federal capital Territory. These include gold, lithium, copper, cobalt, oxide, amongst others”, he stated.

However, he pointed that Nigeria had learnt its lessons from over 50 years of resource extraction.

Subscribe to our youtube channel


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.