Vice President, Prof. Yemi Osinbajo said the administration of President Muhammadu Buhari is committed to breaking the jinx of actualising Ajaokuta Steel Company.
He said the government has appointed a transaction adviser to concession the steel company and Nigerian Iron Ore Mining Company Itakpe.
Osinbajo said the selection process is ongoing and the government intends to actualise the dream of a vibrant steel sector.
He spoke yesterday in Abuja at the opening ceremony of the 6th edition of the Nigerian Mining Week.
Osinbajo said without fear of contradiction, this administration has committed more resources to the development of the mining sector than any other government in the history of this country.
“The development of the steel sector is still a huge priority of our administration. Our vision for an industrialised nation cannot be achieved without a vibrant steel sector. We understand the huge demand for Steel and iron in our domestic markets and across the sub-region.
“This is why we prioritized the resolution of all the issues constraining the full operation of the Ajaokuta Steel Company. To this end a transaction adviser has been appointed to concession the Ajaokuta Steel Company and the Nigerian Iron Ore Mining Company Itakpe. The selection process is ongoing. Our commitment is to break the jinx and actualise the dream of a vibrant steel sector.
“So far, we can say without fear of contradiction that this administration has committed more resources to the development of the mining sector than any other government in the history of this country.”
The VP recalled that at the beginning of the administration in 2015, the administration intentionally prioritised the development of the country’s mineral resources as one of the frontiers for economic growth.
He said the government is proud that the indices of development in the sector are rapidly changing. Part of these is the increased revenue generation and of course the unprecedented investment interest that the industry has attracted in the past few years.
Partner and Mining Leader, PricewaterhouseCoopers (PwC) Nigeria, Cyril Azobu said Nigeria’s mining industry is currently attracting a lot of investor attention in exploration because of laudable policies that are helping to de-risk the sector.
He said: “With the mining sector, Mr President’s commendable vision and drive towards diversifying Nigeria’s economy is yielding fruits. Nigeria’s mining industry is currently attracting a lot of investor attention in exploration because of laudable policies that are helping to de-risk the sector.
“A positive outcome of the National Integrated Mineral Exploration Project (NIMEP) is the provision of bankable geoscientific data, giving investors the confidence to invest. As a result, there’s a lot of traction in drilling and analytical equipment coming into the country.”