Fayemi speaks on mining possibilities in Nigeria
- Dr Kayode Fayemi, the minister of solid materials, was a speaker at the 2016 New Telegraph Economic Summit
- At the summit held in Lagos the ex-governor spoke on how mining can help Nigerian get back to economic stability
- He said that Nigeria's resources are under-exploited, and the potential of the illegal mining industry could tapped for the benefit of all
Dr Kayode Fayemi, the minister of solid minerals revealed on Thursday, March 17, that over 6 million Nigerians are involved in illegal mining in Nigeria.
Fayemi made the striking revelation at the 2016 New Telegraph Economic Summit held on Thursday, at the Sheraton hotel in Lagos.
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While speaking on the topic "Digging deeper for new wealth: Opportunities in solid mineral resources", the minister stressed that the potential of the ongoing illegal mining business can be tapped for the benefit and growth of the nation.
The ex-governor of Ekiti state noted in his address that Nigeria has for too long turned its eyes from the limitless possibilities that abound in the solid minerals industry.
While noting that even the common sand has great commercial potential in Nigeria, Fayemi stressed that many Nigerians are oblivious of the fact that gold exists in Nigeria, and that about 100kg of gold is stolen from the country daily.
Fayemi stressed that without a doubt mining is a key for Nigerian industrialization, hence, the nation is open to partnerships that will help transform the industry for the betterment of Nigeria.
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He said that for those interested in mining, the government has provided a duty free waiver for those importing mining equipment for exploration in the country. He added that as part of the incentives to encourage mining and exploration the government will also give a five-year tax holiday to those ready to invest in the industry. However, he noted that agencies have been put in place to monitor consistency.
Dr Fayemi stressed that mining is not for money laundering, neither is it for those seeking overnight wealth; but for people who are committed to achieving great success on a long term basis.
Prof Okunlola of the department of geology at the University of Ibadan, highlighted the problems inherent in mining.
He said the nation must be prepared for the challenges that comes with mining even as it seeks diversification to boost its economy.
According to the scholar, mining operations induce earthquakes on different scales. He also stressed that in certain areas where solid minerals are deposited, communal clashes tend to affect the mining process.
Speaking on the challenges of mining and what the government must put in place, Prof Okunlola said the rail system must work for mining to thrive. He said the Nigerian government must be ready to construct effective rail systems from the mines to the coast.
Contributing to the discussion, Surveyor E B Awudu advised the government to invest in surveillance. He stressed that one of the major challenges facing the Nigeria mining industry is the dearth of valid statistics and records of the minerals which the nation has and the places where they can be found.
Awudu noted that a detailed record of what type and how much mineral resource abounds in different regions, would help Nigeria and all those involved in the industry to get the best from their explorations.
Source: Legit.ng
