Fayemi: Mining regulatory commission coming
Determined to ensure predictability in its mining sector and boost local and international investments, the Federal Government has concluded arrangements to establish the Nigerian Mining Commission, to take charge of the regulatory role of the Ministry of Mines and Steel Development.
The Minister of Mines and Steel Development, Dr Kayode Fayemi, who disclosed this at the Nigeria Day event at the on going African Mining Indaba, in Cape Town, South Africa yesterday, said the law setting up the commission is already with the National Assembly.
Fayemi spoke as Nigeria took the centre stage at the African Mining Indaba, with the formal presentation of its new Airborne Electromagnetic Survey Results amid endorsements for the country’s mining sector reforms by mining experts, operators and developmental agencies.
The presentation of the new Airborne Electromagnetic Survey Results, a major high point of yesterday’s event at the conference was witnessed by stakeholders in global mining, including Deputy Minister of Mines and Minerals of Venezuela, Franklin Ramirez Araque; Australian Ambassador to Nigeria, Paul Lehman, Nigerian High Commissioner to South Africa, Ambassador Ahmed Musa Ibeto and the Permanent Secretary of the Ministry.
Fayemi said government was determine to strengthen regulation in the sector as well as ensure the improvement of its geological data.
He said the commission, which would be known as the Nigerian Mining Commission, would not only be the final authority on regulatory matters, it would also take charge of mining leases.
Fayemi, in an interactive session with investors and the media after the presentation of the new Nigeria Electromagnetic Survey results, said the delivery of the geological data, was in line with government’s desire to ensure bankable geological data, that would be an incentives to investors.
He stated further that the ministry would undertake more extensive electromagnetic Airborne Geological Survey of some promising parts of the country this year, as well as the completion of the National Mineral Database.
He said: “We want to ensure predictability, that is what we want to offer. We want to be a big mining designation.