Nigeria mining sector has potentials for development, says minister

THE Ministry of Solid Minerals Development has said there is are great potentials to assist in the diversification

of the nation’s economy if well developed.

The Minister of Mines and Steel Development, Musa  Mohammed Sada said that the mining sector could create  employment opportunities, leads to achievement of  substantial increase in the nation’s Gross Domestic Product, reduce poverty, create wealth and boosts foreign direct investment.

Speaking at an investors forum in Abuja recently, Sada said that Nigeria’s mining sector has adopted a complete  legislative  framework to drive  the  development of the  mining industry.

He said, “today’s event marks the completion of our  journey towards  the  provision of the required regulatory  framework  for  mining  in  Nigeria. In the recent past the  Nigerian Minerals and Mining Act 2007 was enacted by  the  National  Assembly. That was followed with the  launching of the National Minerals and Metals Policy by  the ministry in January 2008.’’

He added that the new regulatory framework would  meet the yearnings and aspirations of all stakeholders,  prospective indigenous and foreign investors since their  inputs were taken into consideration in the formulation  of  the document.

Sada presented copies of the regulations to departments  and agencies of the ministry, operators and other