Minister of Mines and Steel Development, Olamilekan Adegbite has said the ministry would soon establish mineral buying centres in several parts of the country.
Adegbite, who spoke at the NBA, Ibadan Law Week, said the aim was to encourage artisan miners and boost their contribution to the country’s’ Gross Domestic Product (GDP).
He said the centres would enable local miners contribute more.
The NBA Week Panelists chaired by the Oba of Ishotu, Ijesa, Prof. Akinola Owosekun, spoke on the topic, “Minerals Mining And Regulation; Enhancing The National Revenue”.
Adegbite said about 85 per cent of gold production in Nigeria stemmed from artisanal and small-scale miners.
The minister, who was represented by the Ministry’s Southwest Zonal Director, Mr Emmanuel Ajayi, said various local and international mining investors had established factories across the nation.
According to him, factors affecting revenue generation in the sector include insecurity, illegal mining and high interest rate on bank loans to finance mining rites.
News Agency of Nigeria (NAN) reported that Owosekun also urged the government to provide adequate laws and regulations for the mining sector to protect miners.
One of the panelists, Mr Sanyaolu Akinyele, Esq, urged lawyers to take personal interest in mining, especially if one knew the onus and relate well with foreign investors.
“Metallic and non-metalic minerals have the highest interest rates, which one can invest in,” he said.
Also, a leading lawyer, who specialised in mineral development, Mr Sina Sipasi, stressed the need for the country to first attract more revenue into the mining Sector.
“We need to really show that Nigeria is producing more goods to export and it’s the strength of our export that will give us more revenue,” Sipasi said. (NAN)