The Ministry of Mines and Steel Development in furtherance of achieving its mandate of diversifying and growing the economy, providing jobs for teeming youths, and improving the Gross Domestic Product (GDP) has received the Federal Executive Council’s (FEC) approval for the beneficiation of ores in the country.
The Minister of Mines and Steel Development, Arc. Olamilekan Adegbite disclosed this while briefing the media after the Federal Executive Council meeting on Wednesday 27th of July in the Ministry’s Headquarters in Abuja.
According to him, the Memo, titled “Nigerian Mineral Value Chain Regulations 2021” would see that raw ores are no longer exported without beneficiation, promote mineral processing plants by big local and international investors as well as advance development through the optimization of linkages in the mineral value chain, facilitate economic diversification, job creation and industrialization among others.
Adegbite stated that the approval of the Memorandum would grossly discourage the export of minerals in their raw form, adding that the proposal which was sent to FEC in February of 2021 had elaborate input from all relevant stakeholders.
In her remarks, the Minister of State, Senator Gbemisola Saraki applauded the Ministry’s foresight for coming up with, presenting, defending, and eventually getting the Federal Executive Council’s approval to stop the export of raw ore in the country.
She noted that it is critical to add value to ores before export, as it would create lots of indirect jobs and wealth for the nation and encourage the springing up of processing plants, saying, “This is great for change and development”