The Minister of Mines and Steel Development, Mr Olamilekan Adegbite, says the International Gemstone Market in Ibadan will create employment and wealth for the country.
Adegbite stated this on Thursday, while inaugurating the market located at Ojoo in Ibadan.
He explained that the gemstone market project was in line with President Muhammadu Buhari administration’s resolve to diversify the country’s economy with focus on mining and agriculture.
He said that to that effect, the Ministry of Mining has designed six strategic Artisanal and Small-Scale Mining (ASM) Cluster Projects in the six Geopolitical Zones.
He explained that the idea was to spur job creation and capacity development of gemstones mining operators in Oyo State and environs under the Economic Growth and Sustainability Plan of the Federal Government.
“This project was also designed to curb smuggling of gemstones and other minerals as well as development of the capacities of the teaming youths.
“This will enable the youths to actively participate in the downstream gemstone and gold value chain,” he said.
He added that Ibadan was chosen as the location of the International Gemstone Market for its rich deposits of gemstone.
The minister said that the informal nature of the market gave credence to the poorly regulated trading of mostly unprocessed gemstones, leading to capital flights and job losses.
He added that the ASM cluster international gemstone market in Ibadan would serve the Southwest Zone in a bid to leverage on the long-standing trading experience in the area.
According to him, the market, which will be managed by the ministry, will be sustained beyond this administration.
He commended the Oyo State Government for donating the land on which the market was built.
“These projects will create an enabling environment to support the mining industry through the formalisation of the ASM Sub-sector and engender the development of the mining sector.
“This is because over 90 per cent of the mining activities in the country are ASM driven,” he said.
In his remarks, Gov. Seyi Makinde, commended the federal government for the initiative.
Makinde, who was represented by the Commissioner for Energy and Mineral Resources, Mr Seun Ashamu, said that his administration has developed ways to grow the solid mineral sector for the next four years.
The governor called on residents of the state and stakeholders in the gemstones market to abide by the market’s rules and regulations.
Also, the acting President of Miners Association of Nigeria, Mr Musa Mohammed lauded the Federal Government’s efforts in transforming the mining sector.
Mohammed, who was represented by the association’s Secretary, Mr Dele Ayanleke, appealed to the federal government to lease equipment to the members of the association at various operation clusters.
