Yemisi Izuora
Experts have said that the Nigerian Nigerian mining industry has witnessed some phenomenal developments and holds huge potentials capable of turning the economy round.
“Nigeria is on the mining map and the sector is working hard to prepare its road map because ultimately, there are enormous investment opportunities in the Nigerian mining sector, therefore ” says Elodie Delagneau, event director of Nigeria Mining Week, that is taking place again in Abuja this October.
The event is a successful partnership between the organisers, the Miners Association of Nigeria (MAN) and PwC.
“Despite signs of recession and low global commodity prices, the Nigerian mining industry has certainly witnessed some phenomenal developments within the past 10 months,” says Elodie Delagneau, “but a lot of progress still needs to be made to develop the sector, and bring about the required grass root impact for a country in dire need of alternative sources of foreign exchange. This is expected to be achieved in the medium to longer term within the Nigerian mining sector.“
She adds: “on another note, in August 2016, the mining road map was approved by the President and a bill proposing the creation of a regulator will be the next step for the development of the industry. The new legislation is including incentives such as allowing full foreign ownership of mining projects in order to attract investments and economic growth.”
Cyril Azobu who is an Advisory Partner and Mining Leader at PwC Nigeria, comments “any individual or organisation interested in exploring the many opportunities Nigeria’s solid minerals sector presents should plan to be at this year’s Nigeria Mining Week. Building on the success of last year’s edition and the key relationships we have built over the years, this year’s Mining Week is being packaged to add great value to all participants.”
He continues: “we at PwC are committed to this partnership with the Miners Association of Nigeria (MAN). This commitment to helping to unlock the potential in the sector aligns well with our purpose of building trust in society and solving important, therefore, I invite all stakeholders to take advantage of the opportunity that the Nigeria Mining Week presents to make a difference for their business and the sector in general.”
Stakeholders sees opportunities in the Nigerian mining sector to include, investments potentials of $7 billion in mining and steel over the next decade as it seeks to develop gold and iron ore extraction industries to diversify its oil-dependent economy.
Investors are also keying into plan by the country to increase mining’s contribution to gross domestic product from 0.3 per cent in 2015 to 7 per cent within a decade from $1.44 billion to $33.67 billion.
The country also plans to create a $1 billion mining exploration fund from state and private capital to improve data on Nigeria’s mineral wealth and exploration project will be supported with about $5 million.
Also, the government has created a local minerals investment fund of $500 million injected for the sector.
The Nigeria Mining Week offers a one-stop-shop to engage directly with policy makers, financiers and mining investors as well as to gain the most current information on geophysical data on the resources available to explore in Nigeria.
According to Delagneau: “this strategic platform aims to initiate and fast-track a new mineral sector reform roadmap that encourages and provides innovative business ventures and supports partnership opportunities, at a time when the Government of Nigeria looks to diversify the economy outside of oil and gas.