Yemi Olakitan
The Ministry of Mines and Steel Development (MMSD) reported on Monday that revenue generation increased significantly from N5.4 billion in 2020 to N7.8 billion in 2021. This information was released in Abuja at the 2022 National Council on Mining and Mineral Resources Development (NCMMRD) meeting with the theme “Realigning The Minerals & Metals Industry To Address The Impacts Of The COVID-19 Pandemic.” Dr. Oluwatoyin Akinlade, Permanent Secretary in the Ministry, made the announcement.
“I am happy to say that we have achieved some key milestones in various sectors since the previous Council, which are targeted toward implementing the President Muhammadu Buhari administration’s mandate on the Economic Diversification Agenda,” stated Akinlade. During this Council, a detailed presentation of these accomplishments will be made.
“Meeting. But it is important to note at this point that, in 2020, the year after the last council meeting, the Ministry of Mines and Steel Development was the only MDA to achieve its income goal.
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“During the COVID-19 pandemic, this Ministry began what are known as Economic Sustainability Projects in each of the six geopolitical zones of the nation to stimulate economic activities that will create sustainable wealth for our people while the palliative funds were being deployed to other uses in most MDAs.
“Revenue generation increased from N5.4 billion in 2020 to N7.8 billion in 2021, exceeding expectations for the time period. a rise in the Ministry’s compliance score with anti-corruption and transparency laws from 26.50% in 2020 to 76.6% in 2021.
The event’s goal was to promote and enhance local metal production as an alternative to imports, according to Mr. Ken Onwubiko, director of planning, research, and statistics at MMSD.
Synergy in mining governance among the three tiers of government, he declared. Infrastructure development is the answer to economic growth and diversification, and it will help Nigeria’s minerals and metals industry grow quickly.
Musa Muhammad, the Miners Association of Nigeria’s (MAN) acting national president, is attempting to recalibrate innovative PPP arrangements and opportunities through public and private investments that will strengthen the mining sector’s resilience by balancing feasibility and risk, as well as by constructing optionality to ensure the mining sector’s survival through various scenarios.
He stated: “The National Council on Mining and Mineral Resources Development (NCMMRD) 2022 Edition has presented the opportunity to coalesce, coordinate, and increase participation through a coordinated, public-facing “storefront” for mining expertise serving as a matching platform that can connect the private sector, NGOs, academics, venture capitalist, research institutions, with industry and government stakeholders, as well as with other mining ecosystem stakeholders.
