The President, Miners` Association of Nigeria (MAN), Alhaji Kabir Kankara has urged the Federal Government to increase investment in the mining sector to ensure effective utilisation of the nation’s mining deposits.
Kankara made the call on Wednesday in Abuja at the ongoing Nigeria Mining Week.
He said that adequate investment in the sector was critical to harnessing its potential.
Kankara, however, said that funding was the major challenge being faced by the mining sector.
According to him, achieving government`s dream of diversifying the country`s economy through mining may remain a mirage if the sector is not properly funded.
“Funding perhaps is the mother of all challenges as it is required as a major component to address other challenges facing the mining sector.
“It should be sourced from different windows such as National Resource Fund, annual budgetary provision, offshore windows like World Bank, and African Development Bank,” he said.
He listed other challenges in the sector to include, insecurity, infrastructure, regulation and inadequate geological and geosciences data.
Kankara added that while the association appreciates the initiative of the ministry to formalise the operations of artisanal miners in parts of the country, the carrot approach should be used to attract them into the formalisation agenda.
He assured that the association would galvanise and mobilise Nigerian miners to support the minister in realising the ministry`s mandate.
The miner noted that funding of the sector should be sustainable, saying that definite strategy should be put in place.
According to him, government should define how and where to source funds and how such funds should be expended.
While appreciating government’s support to the sector so far, Kankara advised that the Solid Mineral Development Fund should be properly channled to ensure effective develoment of the sector. .
“We want to thank the Ministry of Mines and Steel Development and its leadership for demonstrating their good intension to support the artisanal miners with soft facility of N2.5 billion presently domiciled in the Bank of Industry (BOI).
“However, about three years after presentation of cheque to the bank, only one operator had been able to access N95 million, even though many operators had fulfilled the conditions to access the funds.
“ We appeal to the minister to expedite action as further delay in disbursing this fund contradicts the philosophy of President Muhammadu Buhari- led administration at providing succour for the masses through the mining sector,” he said.
The three-day Nigeria Mining Week is organised by the Miners` Association of Nigeria and hosted by the ministry.
No fewer than 1,250 stakeholders from more than 900 organisations across 22 countries are participating in the 2019 edition which was first held in 2016.
The event is an annual meeting place and deal making platform for mining stakeholders in Nigeria.
The Nigeria Mining Week which began on Monday, and ended Wednesday, focused on finance and investment opportunities.
It also featured exhibitions and technical sessions among others.
One of its aims is to provide a tangible means to mobilise opportunities in the mining sector by providing solutions needed to elevate the country`s already growing mining industry.
More than 30 sponsors and exhibitors participated in the event.
Some stakeholders who spoke, however, stressed the need for man power development as well credit facilities to assist miners to grow.
