Abuja, Aug. 15, 2022,The Ministry of Mines and Steel Development says it has achieved giant strides since the advent of the current administration of President Muhammadu Buhari.
Mr Yunusa Muhammed, the Acting Director, Investment, Promotion and Mineral Trade Department ( IPMT,) disclosed this Monday in Abuja,Muhammed said that the ministry was able to woo some mining investors into the country in the last four years through the IPMT department.
He said that since the creation of IPMT department four years ago, it had achieved the projections of the Federal Government to address investment of solid mineral sector.
“The mining sector is becoming vibrant during President, Muhammadu Buhari administration; IPMT department was created about four years ago to show case the mineral potentials of the country that were neglected for long.
“The department promotes and interfaces with industry players within and outside the country; we also bring in solution providers technology, academia and funding managers within and outside this country.
“Mining has long gestation period and capital intensive, there is no way we can get fund managers within the country only, we participate in the International roadshow event, such as in Canada, Australia, South Africa where mining is striving,” he said.
He said that the IPMT had been able to attract some mining investors such as a Segilola Gold Mining Company, a Canadian investor with an investment portfolio of 900 million dollars.
He said that Segilola had recorded successes in its gold mining in Osun.
He said that Africa Natural Resources company was another company located along Abuja-Kaduna State with an investment portfolio of 600 million dollars working assiduously to commence iron plant soon.
” Before the advent of National Integrated Mineral Exploration Programme (NIMEP) , only two exploration companies and a drilling company were existing and there was no technology solution company.
“With the advent of NIMEP, we now have over 10 mining exploration companies and over 20 rigs drilling companies all these have created employment in the country.
“The ministry have done a lot to improve mining but all cannot be seen within short period, it will take time for the efforts of this current administration to be seen on mining activities.
“The Government is also opening up the down stream of the sector, such as six clusters in the six geopolitical zones where value will be added to minerals mined before exportation,” he said.