President Muhammadu Buhari has mandated the Ministry of Mines and Steel to come up with solutions to the challenges in the solid minerals sector.
The Ministry of Mines and steel development was set up in 1985 to unlock the economic potentials of the sub-sector.
It is responsible for identifying locations where solid minerals abound in commercial quantity and advising the government on the formulation and execution of laws and regulations that would guide its relationship with various states where they are found.
The ministry will be holding its first solid minerals downstream workshop on the 2nd of December 2019. Discussions will centre round revamping the Ajaokuta steel company and effectively harnessing the abundant minerals spread across thirty-six states of the country and the FCT.
Officials in the ministry are happy that the president has given full backing to ensuring the Ajaokuta Steel complex works.
It has become increasingly clear since the recession, that revenue generated from oil is not enough to sustain the country, which is why Government has concentrated on tax generation.
But even revenue from this area, has fallen short which is why an effective harnessing of the solid minerals which abound across the country has become necessary.
The sector’s strategy is to foster sustainable mineral exploration and development of value-added minerals products for both local and international markets by addressing access to finance and mineral sector investment.
The ministry is working to implement the laws to ensure the President’s mandate is realized within the next three years
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