Ministry of Mines and Steel Development is committed to playing by International Mining Regulations to achieve growth in the Minerals Sector.
The Minister of Mines and Steel Development, Arc Olamilekan Adegbite who was represented by the Minister of State, Dr. Uchechukwu Ogah, stated this when he received the International Executive Director of Extractive Industries Transparency Initiative (EITI), Mark Robinson and the Executive Secretary, Nigeria Extractive Transparency Initiative, ( NEITI), Waziri Adio at the Ministry’s Headquarters in Abuja.
Dr. Ogah disclosed that the Ministry is determined at ensuring that registered mining companies operate within the confines of the regulations and guidelines structure of the Nigeria Extractive Transparency Initiative (NEITI), to achieve total transparency in the sector. He added that operating by the regulations would not only increase the revenue generation in the minerals sector, but would ensure that revenue generated is safely secured in government coffers.
He revealed that the Ministry is working on restructuring and reformations that would revive the sector and make it key alternative to diversifying the economy. He said that the reforms are aimed at increasing the revenue base and grow the Gross Domestic Product (GDP) of the country.
The Hon. Minister assured the team of the Ministry’s readiness to deepen the partnership and collaboration with EITI and NEITI toward growing the revenue generation from the sector.
Earlier, the Executive Director, Extractive Industries Transparency Initiative,(EITI) in Oslo, Norway, Mark Robinson, expressed satisfaction in the revival of the minerals sector in the country. He said Nigeria stand to benefit huge potentials from belonging to EITI, as member countries attract huge investment opportunities.
Robinson disclosed that he is confident that Nigeria’s membership would be a source of revenue generation, job creation and economic growth, noting that there are huge and increasing demand for mineral resources globally.
He commended the Ministry’s commitment to operating by EITI and NEITI Regulations, adding that such good practice of transparency and accountability would ultimately create good investment and confidence in investors.
In his remarks, the Executive Secretary Nigeria Extractive Industries Transparency Initiative, (NEITI), Waziri Adio said the visit was to seek further collaboration between the Ministry and NEITI and to introduce the newly appointed International Executive Director, Mark Robinson. He disclosed that NEITI is working on the report on Survey of Mining Landscape in Nigeria.