As part of strategies to develop the potential of the solid minerals sector for revenue generation, the Ministry of Mines and Steel Development has commenced discussions with the Security and Exchange Commission, SEC, for funds mobilization to boost exploration in the sector.
Minister of State, Mines and Steel Development, Dr. Uchechukwu Sampson Ogah made this known when a delegation of the Security and Exchange Commission (SEC), led by the Director General, Dr. Lamido Yuguda paid a courtesy visit to the Ministry on Thursday.
A statement from the ministry, signed by the Director, Press, Mrs Etore Thomas quoted the Minister of State as saying that collaboration between the Ministry and the Commission was long overdue, adding that the mining sector is capital intensive. He said exploration projects require huge funds.
He said in order to support the sector, the Federal Government embarked on the National Integrated Mineral Exploration Project (NIMEP) which aim is to carry out integrated exploration to de-risk the mining sector and provide geoscience data needed by investors to make informed decision on the sector.
He said the federal government has initiated the Presidential Artisanal Gold Mining Initiative, PAGMI from which the Ministry has presented the first locally sourced Gold Bar to the President, with the Central Bank of Nigeria, CBN, as off-taker.
Dr. Ogah disclosed that having an organised funding window like the Commodity Exchange Platform could provide a great support for the mineral and mining sector, especially in the areas of funding and commodity trade.
He assured of the Ministry’s participation in the Commission’s forthcoming webinar and enjoined the Commission to avail the Ministry with all necessary information it would need to fully participate at the event.
In her remarks, the Permanent Secretary, Dr. (Mrs) Oluwatoyin Akinlade described the synergy as a milestone that would help the Ministry to get funds and achieve its mandate of exploration, adding that Solid Minerals is the way to go for the future.
Earlier, the Director General, SEC, Dr Lamido Yuguda who’s visit was to discuss areas of possible collaboration with the Ministry, expressed the preparedness of the Commission to address challenges of the sector through Commodities Exchange.