The Minister of Mines and Steel Development, Arc. Olamilekan Adegbite has described the recent commissioning of Ibadan Ultramodern International Gemstones Market as one of the landmark projects of government, stating that the administration has put in place, ‘projects that will provide enabling environment that will facilitate the growth and development of the Nigerian mining industry.’
A statement from the ministry, signed by the Head, Press, Funmi Imuetinyan said that the Minister made the point in Ibadan, at the Commissioning of the Ultramodern International Gemstone Market on Thursday.
According to the minister, some of the expected outcomes from the International Gemstone Market include the creation of over 20,000 jobs along the gemstone mining value chain in South-Western Zone cluster and improvement in revenue generation from ASM subsector for both operators and government.
Discussing expected outcomes, the minister said it would increase the number of formalized ASM operators who are receiving technical assistance as well as pave way for the emergence of subsidiary and service-oriented companies which will further boost economic activities. He said it will also facilitate the improvement of infrastructure for the benefit of the miners and other surrounding economic actors.
He described the International Gemstone Market as a hub designed to be a One-Stop-Shop for local and international gemstone and gold merchants with facilities to test, certify documents and effect necessary payments of royalties and processing fees required to support direct international travels.
The newly commissioned facility houses over thirty stalls, a banking hall, an office for the Ministry of Mines and Steel Development, a stable power supply to enable seamless transactions and value-addition and a lapidary and gemological equipment for training on gemstone faceting and cutting.
He pointed out that the Ministry had designed six strategic ASM Cluster Projects in the six geopolitical zones as a means to harness the potentials of the over three million Artisanal and Small Scale Mining operators in the country, and the creation of international gemstone market in Ibadan for the Southwest Zone is one of such projects.
He further revealed that the Commissioning of the project is an opportunity to highlight the effort of the administration of President Muhammadu Buhari to open some of the potentials available in the mining sector to serve as alternative revenue source.
While saying that the creation of an ecosystem will minimize the high rate of illegal mining and smuggling, increase Government’s revenue from the resource, create jobs, and improve environmental and social stewardship, Adegbite applauded President Muhammadu Buhari for approving the release of funds for the implementation of the project, and commended Vice President Yemi Osinbajo who coordinated the Economic Sustainability Plan (ESP) aimed at cushioning the economic effects of the COVID-19 pandemic, under whose purview, the ASM Cluster Project was conceived and approved.
He also commended Oyo State Government for accommodating and supporting the project.
Arc. Adegbite further acknowledged the support of international organizations such as the World Bank, United Nations Industrial Development Organization, United Nations Development Programme, Global Environment Facility and the support of the government of Canada, Australia and others towards addressing the ASM issues in Nigeria.
Also speaking during the Commissioning, the Executive Governor of Oyo State, Mr Seyi Makinde, ably represented by the State Commissioner for Energy and Mineral Resources, Barr Temilola Seun Ashamu said Solid Mineral is a sector where value can be derived from the existing comparative advantages to grow the economy and improve the GDP of Nigeria.
The Governor said it will lead to job creation among Nigerian youths and the labour force.
Present at the ceremony were stakeholders in the mining sector, the Nigeria Security and Civil Defence Corps, Federal Road Safety Corps, Miners Association of Nigeria, and Women in Mining among others.
