Business
FG Set To Reposition Solid Mineral Sector
The Federal Government has declared that it is set to reposition the solid mineral sector with the inauguration of a nine-member board for Solid Minerals Development Fund in order to reduce Nigeria’s over-dependence on oil revenue.
Inaugurating the board in Abuja, the Minister of Mines and Steel Development, Mr Musa Sada, said that Section 34 of the Minerals and Mining Act 2007 states that the sector needs funds to fast track its development.
Sada listed members of the board as Mr Utsu Adie as Chairman, Mr Mahe Ahmed as Secretary, while Ms Loretta Aniagulu, Mr Sani Mohammed and Mr Caleb Dare are members.
Other members of the board are a representative of Central Bank of Nigeria and representative of the bankers’ committee.
The minister said the fund was to develop human and physical aspects of the industry and fund geo-scientific data gathering.
He said the fund would also be used to equip mining institutions, extend services to small scale industries and provide infrastructure.
According to him, the fund is expected to generate income from money appropriated for solid minerals development, grants, donations, foreign loans, bonds, long term swaps and money appropriated by government from the budget.
The terms of reference for the board are to monitor the operations and evaluate the progress of the fund and advise the minister on changes required to improve the operations of the fund.
It is also to determine the remuneration of external auditors, publish names of defaulters of loans granted in the national newspaper, pursue defaulters by judicial action and solicit government assistance in the recovery of loans.
Earlier, Adie has thanked President Goodluck Jonathan and the ministry for the opportunity given them to serve.
He listed challenges, such as location of minerals in remote areas, the lack of infrastructure and the absence of credit facilities as major difficulties faced by the industry.
Adie pledged that members of the committee would not disappoint the Federal Government on the assignment.