By Gabriel Ewepu

THE Minister of Mines and Steel Development, Arc Olamilekan Adegbite, Tuesday, assured that the 5th Nigeria Mining Week will be the best for investors and will change narrative in the nation’s mining sector.

Olamilekan gave the assurance during a press briefing ahead of the Nigeria Mining Week with theme, ‘Seven reasons to invest in Nigeria Mining Sector’, which will be held virtually from November 16-17, 2021.

He explained that the 5th edition is going to be virtual, which according to him is due to lack of coverage of the vaccine in Nigeria, but notwithstanding, the virtual edition of the Mining Week will make the desired impact.

According to him the Mining Week will be attended by Vice President of Nigeria, governors, Ministers, Permanent Secretaries, Head of Departments and Agencies, United Kingdom Government, investors, technical experts, and others.  

He said: “Due to the pandemic which we call force majeure, we are constrained to have this year’s still a virtual one. It is going to be hybrid, there will be some physical presence locally here.

“A lot of people will join us, and this of course is due to this mutating virus and low vaccine coverage. Be that as it may we will still have our best outing so far of this 5th edition. It will be a window for investors where will showcase our successes, what we have done and our aspiration.”

He added that there will be business interactions and also creation of partnerships to boost the activities in the sector.

However, he (Adegbite) said most investors are yet to be aware and understand investment opportunities in the nation’s mining sector as there are a lot of mining value chains that will make them smile to the banks.

He said government has provided investors with incentives, which include 100 per cent business ownership, low royalty payment, duty-free equipment importation, and others.

“We have tax laws that allow you do three years tax holiday which is extendable to five years.

“We will allow genuine investors to import their equipment duty-free, we allow 100 per cent ownership of business whether you are local or foreign, which does not exist in other countries, our royalty is the lowest because we charge as low as three per cent, doing mining in Nigeria is cheaper”, he said.

He also highlighted effort made by government as success stories as there is now a kaolin processing plant in Bauchi, in Kano a gold souk is being established for the gold value chain, a gemstone market in Ibadan, barite processing in Cross River, Lead in Ebonyi, and also gold smelting in Kogi.

Earlier, the Director and Head Mining Industry Business Development, PwC Nigeria, Habeeb Jaiyeola, said there are successes recorded in the sector as a result of other editions, and the impact is visible, while pointing to the barite industry, gold production, interest of investors in the mining sector, and others.

Jaiyeola also explained that major talking points at the event will be on beneficiation, which has been a challenge in the sector, and would also address other critical issues.

However, he allayed fears on connectivity problem as the 5th Nigeria Mining Week will be virtually held, said that has been addressed and there will be seamless participation.