Vice President Yemi Osinbajo has said concession plans for Ajaokuta Steel Complex and Itakpe mining company are ongoing.
Gatekeepers News reports that Osinbajo noted that the fully-developed mines and steel sector would surpass other sectors of the economy in terms of export earnings.
Osinbajo, who represented President Muhammadu Buhari as the Special Guest of Honour at the opening of the 6th edition of the Nigerian Mining Week in Abuja, said the mines and steel sectors would create lucrative jobs and opportunities for many Nigerians.
The Vice President said, “To this end, a transaction adviser has been appointed to concession the Ajaokuta Steel Company and the Nigerian Iron Ore Mining Company, Itakpe. The selection process is ongoing. Our commitment is to break the jinx and actualise the dream of a vibrant steel sector.”
He noted that the steel sector “will stimulate industrial growth as a local source of raw materials and improve the quality of lives in rural communities.”
Assuring the government’s commitment to supporting mining activities towards shared prosperity for the Nigerian people, Osinbajo said the event was “a very significant complement to our vision and sustained effort to accelerate the growth of the mining sector as a major contributor to Nigeria’s economic diversification programme.
“This is why the Federal Government will continue to intensify its regulatory and supervisory role in ensuring that mining is held to the highest standards of sustainable development and intergenerational equity.”
Prof. Osinbajo added that the mining sector had always needed a transformational leap to contribute meaningfully to the envisioned economic growth of the country.
He reiterated Buhari administration’s commitment to developing the country’s steel sector had continued to record significant gains over the years.
Osinbajo continued, “We are proud that the indices of development in the sector are rapidly changing. Part of these is the increased revenue generation and, of course, the unprecedented investment interest that the industry has attracted in the past few years.”
The Vice President noted that “Nigeria, for the first time, has a world-class gold mine in Segilola, Osun State, operated by Thor Exploration, while Eta Zuma Mining and Industries Limited and Mosra Enerji Limited are mining and supplying the coal needs of Dangote and Bua Cement factories.”
He added, “In the steel industry, African Natural Resources and Mines Limited, owners of the Kagarko Integrated Steel plant, is about to produce liquid steel from its iron ore mine in Kaduna State.
“Several other investors are at different stages of mine development in various parts of the country, and these strategic milestones will hopefully catalyse more mining investment in the country.”
He emphasised that the development of the steel sector remained a huge priority for the administration.
According to him “our vision for an industrialised nation cannot be achieved without a vibrant steel sector. We understand the huge demand for steel and iron in our domestic markets and across the sub-region. This is why we prioritized the resolution of all the issues constraining the full operation of the Ajaokuta Steel company.”
Osinbajo disclosed that since the administration came into office in 2015, it had prioritised the development of the country’s mineral resources as one of the frontiers for economic growth.
The Vice President said, “This led to the comprehensive Roadmap for the Growth and Development of the Nigerian Mining Sector and we have steadily followed the steps set out in the roadmap. So far, we can say without fear of contradiction that this administration has committed more resources to the development of the mining sector than any other government in the history of this country.”
While the Vice President noted that the “government will continue to intensify its regulatory and supervisory role in ensuring that mining is held to the highest standards of sustainable development and intergenerational equity,” Osinbajo urged for more responsibility and accountability from public and private sector entities to ensure sustainable development and mitigate the effects of climate change.
“The extraction of mineral commodities entails considerable impact on land, water, air, and other environmental assets that are central to human living, both now and in the future. The painful experience of the negative impact of oil and gas.”
