Stakeholders advocate optimisation of mineral resources

STAKEHOLDERS in the mining sector, on Monday, advocated diversification of the solid minerals sector for improved revenue generation, job creation for economic growth.

They said access to credit by industry players in the sector was necessary to drive growth and the outcome of such efforts will benefit Nigerians.

The stakeholders spoke, in Abuja at a conference, organised by the Nigerian Society of Economic Geologists ( NSEG), with the theme: "Economic

Diversification: the role of geoscientist, government and private sector".

Addressing the stakeholders, the Minister of Mines and Steel Development, Olamilekan Adegbite, said that there is an urgency to diversify Nigeria’s economy for the prosperity of the nation.

Adegbite, who was represented by the DirectorGeneral of Nigeria Mining Cadastre Office ( MCO), Obadiah Nkom, noted that the theme of the conference seeks to define the roles of the critical stakeholders in developing the minerals sector.

He said: "Nigeria's mineral sector offers robust economic potential for diversification of the nation's economy, yet the country and indeed, many other African Countries have continued to suffer under- utilization of their mineral resources.

"This has accounted for the slow phase of socio- economic development in Nigeria and many African countries. Our country is known to operate a mono economy where oil accounts for almost 90 per cent of the foreign exchange earnings. Present administration found this appalling and described the situation as unacceptable and promised to urgently find solutions to redress the challenges", he said.

In his remarks, the President of the Nigerian Society of Economic Geologists ( NSEG), Dr. Abdulrasaq Abubakar Garba, observed that there is need to diversify the Nigerian economy away from its sole dependence on crude oil by focusing more on other areas including the solid minerals and agricultural sectors to boost the wealth of the nation.