Mines, Steel Ministry 'll soon open mineral buying centers - Adegbite

Olamilekan Adegbite, Minister of Mines and Steel Development, has said the ministry would soon establish mineral buying centers in the country.

Adegbite said at the ongoing NBA Ibadan Law Week on Thursday that the aim was to encourage artisanal miners and boost their contribution to the country's gross domestic product (GDP).

Adegbite, who was represented by the Ministry's South-West Zonal Director, Mr Emmanuel Ajayi, said the centres would enable local miners contribute more than there current status

The NBA Week Panelists chaired by the Kabiyesi of Ishotu, Ijesa, Prof. Akinola Owosekun, spoke on the topic, "Minerals Mining And Regulation; Enhancing The National Revenue".

Adegbite said currently, 80 to 85 percent of gold production in Nigeria comes from artisanal and small-scale miners.

The minister remarked that various local and international mining investors had established factories across the nation.

According to Adegbite, factors affecting revenue generation in the sector include insecurity, illegal mining, and a high interest rate on bank loans to finance mining rites.

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 a personal interest in mining, especially if they knew the onus and could relate well to foreign investors.

"Metallic and non-metalic minerals have the highest interest rates, which one can invest in," he said.

Also, a leading lawyer who specialized 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 exports that will give us more revenue," Sipasi said.