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Minister decries lack of support from CBN to solid mineral sector

Minister decries lack of support from CBN to solid mineral sector

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Minister decries lack of support from CBN to solid mineral sector

By Matthew Eloyi

The Minister of State for Mines and Steel Development, Dr Uche Ogah, has decried the lack of support from the Central Bank of Nigeria (CBN), for the development of mines and solid mineral sector.

The minister made his views known at a two-day public hearing organised by the Senate Committee on Solid Minerals, Mines, Steel Development and Metallurgy.

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The public hearing was designed to get inputs of stakeholders on the preparations of four bills and for an investigative motion for the solid minerals sector.

The bills are the Nigerian Minerals Development Corporation Establishment Bill 2021 and Solid Minerals Producing Areas Development Commission Establishment Bill 2021.

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The others are the Institute of Bitumen Management Establishment Bill 2021, Explosive Act 1964 Repeal and Re-enactment Bill 2021 and the urgent need to investigate the loss of nine billion dollars annually, due to illegal mining and smuggling of gold.

Ogah, while making his presentation said: “It is unfortunate that the Central Bank of Nigeria (CBN) did not believe in us.

“If they believe in us, if they support us the way they are supporting agriculture, we will do wonders for this country.

“This is one ministry that is untapped, that is unknown but that can change the landscape of our revenue.”

Ogah, who called for support in all areas for the development of the sector, said there was a need to support research for the growth of the sector.

According to him, the Federal Government had gone ahead to establish processing plants for the solid minerals sector, which is currently under construction in all the six geopolitical zones.

“We are going to have processing plants for gold, bauxite, among others, to establish the downstream sector of the mines and steel development and to ensure that there is processing in the sector,” he said.

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