Prof. Linus Asuquo, Director-General of the National Metallurgical Development Centre, Jos, says private sector’s control of exploitation of solid minerals will accelerate development of the sector.
Asuquo said this on Friday in Abuja, at the first Solid Mineral Resources Trade Fair, organised by the Nigeria-Isreali Chamber of Commerce, Industry and Agriculture.
The theme of the fair is “The Role of Organised Private Sector in Achieving Sustainable and Inclusive Economic Growth and Development Through Solid Minerals”.
According to the D-G, the sustainability of such economic growth depended on the roles played by the government and the private sector.
“Government is mentioned here because in most cases, it is the regulator of mining activities
“Most of the early mining activities were private sector driven, government participation and regulation came in later,” he said.
He said that the organised private sector had taken control and was spearheading the exploitation of solid minerals all over the world.
According to him, the private sector is a part of the economy that is not run by government.
“The private sector can be defined as an organisation with majority private ownership and engages in profit seeking activities.
“The organised private sector in Nigeria has a great role to play if Nigeria must achieve sustainable, inclusive economic growth and development by investing in solid minerals.
“When investments in solid minerals are made, a poor community is transformed into a rich community, jobs are created, economic activities are increased,” he said.
He decried the low level of private sector participation in the Nigerian mining sector in spite of the abundance of a variety of mineral resources.
“The participation of the private sector is abysmally low, in spite of the abundance of solid minerals in Nigeria.
“In 2015, the contribution of the sector to the economy was N1.03 billion, in 2022 the contribution was N1.07 billion.
“South Africa in the same year had N5.55 trillion. Obviously, Nigeria’s private sector needs to do more, ” he said.
Also speaking, Prof. Ibrahim Garba, a member of the Presidential Artisanal Gold Mining Development Initiative (PAGMI), said that mining was not living up to expectation because it was the most poorly understood sector.
Garba, a former Vice Chancellor, Ahmadu Bello University, Zaria, said that the mineral sector in Nigeria had undergone transformations over the decades, but still performed poorly.
He said that exploration of minerals, which requires huge investment, was what determines its quality, quantity and profitability.
“From speculation to mining, each level is an industry on its own, and the private sector is most suitable for exploration of minerals,” he said.
He, however, said that there was nothing like “solid minerals”, adding that every mineral resource always came out in solid form.
According to Mr Shebeti Sule, the President, Nigeria-isreali Chamber of Commerce, the trade fair was organised in furtherance of economic diversification efforts of the Federal Government.
Sule said that the chamber had circulated a geological map indicating the various mineral resources available in Nigeria.
“It is the role of the private sector to develop mineral resources for national development. Our role is to create awareness that God has blessed Nigeria abundantly with so many natural resources, ” he said.
