By Yemi Adedeji, Abuja
Kayode Fayemi, Minister of Mines and Steel Development, has said that the recently released World Risk Report, published by the Mining Journal indicates that Nigerian mining sector has a better risk profile than Russia, China, India and several others in same sector.
He gave the hint in Abuja at the 2nd Nigerian Mining Week conference, organised by the Miners Association of Nigeria, in partnership with IPAD Nigeria, PricewaterhouseCoopers and Spintelligent.
Fayemi noted that the government aspiration is to build a world class minerals and mining ecosystem designed to serve as a targeted domestic and export market for minerals and ores.
He added that Mining Week was committed to growing the knowledge assets needed to sustain key reforms in the sector.
This, according to him, comprises an innovative array of workshops and roundtable, as well as other packages designed to help participants find the perfect match of partners or collaborators, and answers to questions they might have.
He stated: “the recently released World Risk Report, published by the Mining Journal indicates that Nigeria has made remarkable improvements in both hard risk and perceived risk factors.
“The improved perception has made the country’s mining sector to be now considered to have a better investment risk profile than Russia, China, India and several other leading jurisdictions. Nigeria is now “perceived” to have a better investment risk profile than New York.
“Overall, the results of the improvement in Brand Nigeria in the international mining space, has been increased mining-related activity in Nigeria with growing interest and several new entrants.”
Fayemi revealed further that, “we have operationalised the Nigerian Solid Minerals Development Fund to provide financing to projects in the sector.
“In collaboration with the Bank of Industry (BOI), the SMDF has launched a N5 billion fund to provide single digit interest loans to mining projects in Nigeria.
“Also, we have secured approval to access N30 Billion from the Natural Resources Intervention Fund for the promotion of the exploration of new minerals and to strengthen the regulatory capacity of the Ministry.”
“We are covering the entire value chain of the industry. We seek to rebuild market confidence in our minerals and mining sector and win over domestic users of industrial minerals in order to achieve import substitution,” he said.