Government, NACCIMA strategise to improve minerals’ exploitation for manufacturing

Nigeria spends $3b yearly on steel importation
Worried by the amount of foreign exchange spent of raw materials that could be accessed through available solid minerals in the country, the Federal Government and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) are exploring measures to harness opportunities in the sector for economic growth.

According to the stakeholders, conserving scarce foreign exchange and generating employment are major motives driving the agenda to exploit the nations’ solid minerals.

Indeed, the Minister of Industry, Trade and Investment, Dr. Okechuckwu Enelamah noted that current estimates suggest that there are no less than 44 mineral resources available in commercial quantities across Nigeria, adding that the nation spends more than $3 billion importing steels, despite sitting on enough iron ore reserves to meet domestic needs.

Speaking at NACCIMA’s yearly general meeting in Jigawa state, recently, Enelamah said in a country that has such large pools of unemployed labour, and needs to create millions of jobs yearly just to keep up with population growth, the solid mineral sector offers a great opportunity.

“The solid minerals that we have in Nigeria are some of the most sought-after raw materials for industries like construction, manufacturing and packaging. In the past we exported a lot of the solid minerals that we produce. Our raw materials fed factories abroad and helped bring industrial development to distant countries. Today we are laying the foundations for a radical departure from the past.

“The focus of this administration is on adding value. Instead of exporting our iron ore, why can’t we process it at home and use it to build our houses and bridges and automobiles, the same way our limestone has been at the heart of an ongoing revolution in the cement industry less than a decade ago. Today we are no longer importing, we are actually a potential exporter of cement. That story cannot be told without highlighting the accompanying upsurge in domestic limestone mining”, he added.

Governor of Jigawa State and former National President of NACCIMA, Alhaji Mohammed Badaru stated that the implementation of the Jigawa trade corridor concept is the provision of market for access to the land-locked sub-sahara Africa countries, which is being perused with vigor following the completion of infrastructural development at Maigatari Border Free Zone and the launching of the trading concept in the state.

He urged federal government to diversify its revenue by stimulating growth in other sectors.NACCIMA National President, Chief Edem Bassey, emphasised the need for the introduction of policies that promote free enterprise in the economy to impact positively on the sustainable growth and development of the nation.

According to him, while the Federal Government has identified seven strategic solid minerals to be prioritized and promoted for private sector participation and investment, the National Policy on Solid Minerals providing clear rules for the exploitation of the minerals and a clearly prescribed pattern of developments with roles of the different actors should be properly implemented.

“In the last one year, the country has faced challenges such as the falling prices of crude oil, increased inflation, scarcity of foreign exchange, low generation of electric power supply, and increase in pump price of PMS. Despite these, the policy direction of your administration has been clear; namely, consolidate government revenue, Close loop-holes, eradicate corruption, invest in the development of infrastructure, promote food sufficiency and local content development of raw materials in manufacturing.

“We firmly believe that the introduction of policies that promote free enterprise in the Nigerian economy will impact positively on the sustainable growth and development of the economy”, he added.