Scheduled to hold at hold at the Kaduna International Trade and Investment Centre, Kaduna, between Friday, 26th February to Sunday, 6th March 2016, KADCCIMA President, Dr. Abdul Bello stated that following the dwindling global oil prices trending below $30 per barrel, there is need for the managers of the Nigerian economy to urgently pay adequate attention to the solid minerals sector, maintaining that the sector if given the attention it deserves, would transform the nation’s economy and also play a significant role more than crude oil in terms of Gross Domestic Product (GDP) contribution.
Preparatory to the 37th edition of the fair, tagged: “Promoting solid minerals sector for sustainable economic development in Nigeria”, Bello expressed concerns over the untapped potential of the sector, saying that illegal miners in the Northern part of the country are taking advantage of the untapped opportunities in the sector.
However, the KADCCIMA boss stated that issues bordering on Land Use Act continue to be a major challenge hindering the growth of the sector, calling for a review of the Act to ensure that existing and new investors have a smooth ride investing in the industry.
“Although investment in the solid minerals sector is likely to be huge but in terms of contribution to the nation’s GDP, it would surpass what we get from crude oil if taken seriously. The federal government must provide the necessary level playing field for investments to thrive in this sector,” he said.
Also speaking at the event, the 2nd Deputy President, KADCCIMA, Hajia Muheeba Dankaka, said the theme for this year’s fair was deliberately chosen to compliment the efforts of government in its attempt to diversify the economy and make it less dependent on oil as its major revenue earner.
According to her, there is no doubt that the new administration is confronted with a huge financial burden partly caused by the reduced federation revenues which have been largely sourced from the proceeds of crude oil sales.
She noted that the reduction in global oil prices is not expected to reverse at least in the short run, urging the need to diversify the economy towards improving other sources of revenue.
“One key sector which offers great potential in achieving this is the solid minerals sector. There is need for a number of steps to be taken by the present administration to achieve the desired result. This include the need to have a well-established transportation network that will support the movement of equipment to mining sites and the evacuation of minerals for sale and export. This can only thrive when we have a developed infrastructure,” she said.
She also pointed out the need to sustain and complement the efforts by the previous administration and the present in terms of security and also encourage each state to invest in domiciled solid minerals either as a sole investor or in partnership with private investors with revenue accruing entirely to the state while taxes and royalties accruing to the federal government.
She added that the present administration must consolidate the gains achieved by the previous governments in continuing and completing projects already embarked upon, saying that some of the major achievement such as the establishment of the Nigerian mining cadastre office, road map for the development of the sector; waiver of custom and import duties for plant, machinery and equipment imported for mining operations must all see the light of day to achieve any meaningful growth in the sector.
