The federal government has set up a joint committee tasked with strategizing and implementing funding intervention in the solid minerals sector with the overall objective of unlocking the sectors potentials.
It is hoped that the intervention would translate to job creation, increased revenue base, improved foreign reserves, poverty reduction and industrialization.
Minister of State Mines and Steel Development, Dr Uchechukwu Ogah, who set up the Joint Technical Committee with the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), said the move would accelerate sustainable development in Nigeria’s solid minerals sector.
He told members to look into areas of synergy that would ensure the sector gets adequate funding for its operations, noting that the sector was capable of becoming an alternative to oil and gas as a source of revenue generation for the country, if properly developed through adequate funding.
The Committee, under the chairmanship of Aliyu Abdulkadir, Chairman Solid Minerals Monitoring Committee (RMAFC), was tasked to produce a blueprint that would assess ways of generating and actualising funding needed for the sector’s development.
The committee is to recommend ways the Fiscal Commission can provide intervention funds for the development of the solid minerals sector as well as ensure continuous monitoring of the funds utilisation.
Their terms of reference also include determination of the ministry’s funding needs, identifying sources for funding interventions and track revenues being generated across the sectors value chain.