The Federal Government has concluded arrangements to establish the Nigerian Mining Commission to take charge of the regulatory role of the Ministry of Mines and Steel Development.
This is to ensure predictability in the mining sector and boost local and international investments.
The Minister of Mines and Steel Development, Dr. Kayode Fayemi, who disclosed this at the Nigeria Day at the ongoing African Mining Indaba in Cape Town, South Africa on Wednesday, said the law setting up the commission was already with the National Assembly.
Fayemi spoke as Nigeria took the centre stage at the forum, with the formal presentation of its new Airborne Electromagnetic Survey results amid endorsements for the country’s mining sector reforms by experts, operators and developmental agencies, according to a statement by the minister’s Special Adviser on Media, Olayinka Oyebode.
The presentation of the Airborne Electromagnetic Survey results, a high point of Wednesday’s event, was witnessed by renowned stakeholders in global mining, including the Deputy Minister of Mines and Minerals of Venezuela, Franklin Ramirez Araque; Australian Ambassador to Nigeria, Paul Lehman; Nigerian High Commissioner to South Africa, Musa Ibeto; and the Permanent Secretary in the ministry.
Others were representatives of top mining conglomerates and mining nations such as Canada, Zambia, Angola, South Africa and Senegal.
Fayemi stated that the government was determined to strengthen regulation in the sector as well as ensure the improvement of its geological data.
He said the commission would not only be the final authority on regulatory matters, it would also take charge of mining leases.
Fayemi, in an interactive session with investors and the media after the presentation of the survey results, noted that the delivery of the geological data was in line with government’s desire to ensure bankable geological data that would be an incentive to investors.
He stated that the ministry would undertake more extensive electromagnetic airborne geological survey of some promising parts of the country this year, as well as the completion of the National Mineral Database.
The minister said, “We want to ensure predictability; that is what we want to offer. We want to be a big mining destination.”