Uche Ogah makes a case for targeted funding of mining sector
Dr. Uche Ogah, The Honourable Minister of State, Mines And Steel Development, on the 14 of July 2020, had a crucial meeting with the Chairman and Members of Revenue Mobilisation And Fiscal Allocation Commission where he made a case for targeted funding for the mining sector to enable it to improve contribution to the revenue of the federation. Especially, the targeted funding is for the formalization of Artisenal Miners, combating of illegal mining, equipment leasing, value addition, preshipment infrastructure, to tackle reclamation and the upgrade of general infrastructure in the sector.
This he said “has become necessary because in the post COVID economy there is the need to improve revenue generation by exploiting the nation’s mineral endowment in an environmentally sustainable manner and to establish a vibrant minerals and metals industry for wealth creation, poverty reduction, promotion of economic growth and significant contribution to the GDP of Nigeria”
Dr. Uche Ogah’s private sector experience has played a key role in the efforts of the ministry to ensure the orderly and sustainable development of Nigeria’s mineral resources and has led to significant improvements so far.
As the Minister in charge of the small scale and artisenal miners in the sector, Dr. Uche Ogah has made a landmark achievement by setting the stage for the upgrade performance of this lower level operators and he has made a promise that “their produce will be purchased and processed for value addition, Nigerian product certification for proper export routing and for creation of more jobs through the value chain”
To this end, the two ministers will today, 16th July, 2020, present a gold bar of Nigerian origin to Present Mohammadu Buhari, as one of the results of the effort to create value addition for Nigerian minerals and build reserves with the Central Bank Of Nigeria. This Dr. Uche Ogah said “is strategic to building Nigeria’s gold reserves, improve income generation and the welfare of artisenal miners through government intervention”
Already the ministry is working hard at streamlining application processes and to significantly increase private sector investment in mining. It is now implementing a policy for orderly and efficient mining of the top 7 priority minerals in the mining roadmap, including coal, bitumen, limestone, iron ore, Barite, gold and lead/zinc ore.
These are in addition to resolving all outstanding issues stalling the Ajaokuta Steel Project, the introduction of incentives to improve the investment climate for mining activities; stamp out illegal mining and to create a number of well paying jobs for Nigerian youths. This is in line with the realisation of President Mohammadu Buhari’s promise to take 100 million Nigerians out of poverty.
Dr. Uche Ogah also said his “meeting with the Chairman and Members of Revenue Mobilisation and Fiscal Allocation Commission is to see to the implementation of the already developed financial ecosystem that will help deepen growth and development of the solid minerals sector, utilize priority minerals locally and substitute exports, harmonize incentives for attracting mining players and drive infrastructure investments”