Renowned industrialist Dr. Solomon Onafowokan has urged the federal and state governments intending to establish solid mineral development companies in their states to desist from the act, warning that such ventures will end up as fruitless exercises.

Onafowokan made the call during a book launch, with the title: “Notes on Nigerian Minerals and Their Industrial Applications”, written by Prof. John Adekoya, a renowned Professor of Geology, held at the International Conference Centre, University of Ibadan [UI], Oyo State.

The industrialist, who is the Ashiwaju of Remo kingdom Onafowokan, emphasised that the government should steer clear of involvement in running businesses.

“Let me use this opportunity of this gathering to emphasise that both the federal and the sub-national governments of the Federation should have no business in business, especially in a multi-ethnic society like our dear country.
”It is not wise or profitable to set up mineral development companies or parastatals as some state governments are already planning to do.

“Experience has shown that government-owned businesses will eventually become bankrupt as a result of inefficiency, corruption and ethnic favouritism that is glaring across the nation. For example, the Federal Government established the Nigerian Mining Corporation (NMC) in 1972, headed by the Late Engr. Rilwanu Lukman as General Manager. For the first few years of the Corporation, it performed well and set up several mining companies in different parts of the country. But eventually, the corporation was run aground as a result of the usual Nigerian problems.

“The lesson from the NMC experience is that the exploitation or development of the solid minerals should be left to the private sector, with the state playing the role of creating a conducive environment as a regulator. If for the reason of funding, the state has to intervene, its participation should be limited to minority shareholding.”

In a keynote address, Prof. Idowu Olayinka, a former Vice Chancellor of the University of Ibadan, urged the federal government to focus more on the solid mineral sector by encouraging investors to boost the country’s Gross Domestic Product (GDP).

Olayinka described the author as a source of inspiration to academia, adding that the book will serve as a guide for investors and entrepreneurs on the various mineral resources that abound throughout the country.

The book reviewer and President, Geological Society of Nigeria, Professor Gbenga Okunola, said the book would provide useful information to all interested investors, adding that it would serve as a legacy for future generations
The Chief launcher, who is the Otun Asiwaju of Remo kingdom, Aare Adetola Emmanuel-King, noted that the book not only confronts the knowledge gap; It also catalogues rocks and minerals, contextualises them, gives them industrial identity, and positions them as tools for economic transformation.

In his remarks, the book presenter, President, Geological Society of Africa, Professor Olusegun Ige, represented by Mr Oluwole Rotimi, described the book as apt, adding that it aligns with the solid mineral transformation agenda of the President Bola Tinubu-led administration.

The author, Professor John Adekoya, stated that he was motivated to write the book due to the widespread ignorance among industrialists, entrepreneurs, and investors regarding the value of mineral resources throughout the country.

“I noticed that entrepreneurs, industrialists, investors who should know more about the usage of our mineral resources and also use them to set up businesses and industries, apparently don’t know. And even those who know and value the use of mineral resources to set up industries import them without thinking of how to utilise the local geological resources.

“You also need calcium carbonate which is derived from limestone for some industries, we have abundant limestone in Nigeria. We have numerous materials that can be derived from limestone, including marble. They are not using it; instead, they are importing their calcium carbonate. That’s the kind of thing that motivated me to make available to them the information about the occurrence of these resources in Nigeria and the use to which they can be put.

In addition, there are some rocks which are fantastic for export, if we polish them,” he said