The Minister of Mines and Steel Development, Arc. Olamilekan Adegbite, has warned that there was no room for royalty payment evaders in the sector.
The minister who was speaking at the 4th Annual Nigeria Mining Week in Abuja, noted that while mining has a significant role to play in the diversification of the economy, the sector is still classified as non-performing despite the mass availability of mineral resources in the country.
“In fact the existing documented stock of mineral resources can kick start a boom in the mining industry. Unfortunately, Nigeria still attracts low private sector exploration funding. The Roadmap for the Growth and Development of the Nigerian Mining Industry provides us a broad pathway for the transformation of the industry.
“The federal government in re-launching the economy on the path of inclusive and sustainable growth came up with The Economic Recovery Growth Plan (ERGP). This plan is aimed at increasing national productivity and achieving sustainable diversification of the economy.
“Mining has been identified in the ERGP as a promising sector that could sufficiently contribute to the diversification of the revenue base, create jobs and broaden the range of opportunities in the Nigerian Economy.
“To this end, the ministry has been working hard to increase the revenue generated from the sector and its contribution to the national GDP. The sector is also being primed to be a huge job creator, broadening the spectrum of economic opportunities available to Nigerians through the pursuit of strategic policies.
“Under the proposed Mineral Export Guidelines, there would be no room for royalty payment evasion. All mineral exports shall be inspected by government appointed independent pre-shipment inspection agents, who are empowered by law to render quantity and quality control services and monitor pricing. This control mechanism is in accordance with the Pre-Shipment Inspection of Exports Act,” he said.
