Adequate investment in mining will boost Nation’s economy – El-Rufai

Adequate investment in mining will boost Nation’s economy – El-Rufai

By Godwin Ekosin and Eddy Akon, Kaduna

Kaduna State Governor, Nasir El-Rufai, yesterday hinged inadequate investment in solid minerals mining in Nigeria by governments on long term maturity.

He said if mining is well harnessed, it could give the country far much more than what the oil is currently given.

el-Rufai, who spoke through the Executive Secretary, Kaduna State Investment Promotion Agency, Alhaji gambo Hamza,
During the 37th Kaduna International Trade Fair roundtable business discussion, held at Aso Motel, Kaduna.

“Finance is one of major set back of mining in Nigeria because it brought little returns at inception but can give five times of what the oil is currently given the Nation in the long run.

“Mining, been a long time investment, is scaring away bankers. But there is a need to focus on the future of the sector because it can save the nation a lot of stress including unemployment.

“Mining is contributing just 1% of country’s Gross Domestic Products (GDP) which we regarded as national embarrassment. This is why Kaduna state government is trying its best to make the mining in the state viable and enviable by other states,”

Speaking on the theme of the discussion, ‘Transformation of Nigeria Economy Through Profitable Investment in Solid Minerals,’ Engr. Goni Musa Sheikh, observed that Nigeria’s mining problem is compounded by the discovery of oil which has made the economy a mono reliance.

Represented by Engr. Usman Abubakar, Engr. Goni said that Nigeria has rich history of mining but needs to grant licenses as appropriate especially on objective criteria on first come, first serve, strengthen the institution, reorganize Nigeria Geological Service Agency (NGSA), into a parastatal.

He noted that about 3 billion dollars can be generated yearly from the solid mineral sector cum job opportunities as well as save about 1.5 billion dollars annually from imports and technological acquisition.

Posted from GoBroadsheet

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