The inaugural Investment Summit and Roadshow for Solid Minerals in Nigeria, organised by the Nigerian High Commission in South Africa with Rosebank Capital, showcased the country’s mining potential to South African investors. The event highlighted policy reforms, community agreements, and innovative systems aimed at revitalising the sector. Key discussions included investment incentives, the digitisation of mining license processes, and the need for local value addition in mineral processing.

Engaging sessions helped clarify misconceptions about Nigeria’s business climate. Investors raised concerns over policy fluctuations, which were addressed by showcasing the amendment process for the Nigeria Minerals And Mining Act (2007). This aims to solidify reforms and improve the investment framework. The revised Community Development Agreements (CDAs) were also introduced to ensure host community consent for mining operations, fostering better relationships.

The Nigeria Mineral Decision Support System (NMDSS) emerged as a pivotal tool to attract investors, providing comprehensive data for informed decisions without necessitating travel. President Bola Tinubu’s promise of “Easy In, Easy Out” regarding profit repatriation, paired with tax waivers for mining equipment imports, further appealed to investors. Dr. Dele Alake emphasised the importance of local processing and skill transfer to boost Nigeria’s GDP.

Improvements in the mining license application process through the Electronic Mining Cadastral System (EMC+) were presented as a significant leap forward. Additionally, potential collaborative programmes were discussed for mutual certification of mining professionals between Nigeria and South Africa.

The summit was marked by several commitments, including interest from Pilanesberg Platinum Mines to explore similar initiatives in Nigeria and an MOU for a $1 billion coal processing and power plant project in Enugu State. Crystal Partners also expressed intentions to collaborate with Nigeria’s mining sector. Overall, the Roadshow was deemed a success, signalling a promising future for Nigeria’s solid minerals sector under proactive leadership.

The focus of this article is the recent Investment Summit and Roadshow for Solid Minerals held in Johannesburg, South Africa, which served as a platform to present Nigeria’s mining sector potential to international investors. It highlighted ongoing reforms and initiatives aimed at transforming the mining industry and establishing Nigeria as a favourable destination for mining investments. The Nigerian delegation engaged investors through presentations, discussions on policies, and innovative systems designed to ease the investment process and enhance community relations.

In summary, the Investment Summit and Roadshow successfully showcased Nigeria’s mining potential, addressing investor concerns about policies and community engagement. Promises of improved processes, attractive incentives, and the commitment to local value addition were well received. Key partnerships and initiatives were formed, indicating a proactive approach to investing in Nigeria’s mining sector, suggesting a bright future under effective leadership.

Original Source: blueprint.ng

The post Investment Summit Showcases Nigeria’s Mining Potential to South African Investors first appeared on Nigerian Mining News.

The Federal Government has mandated the Mineral Resources and Environmental Management Committee (MIREMCO) to enhance its performance within a 90-day timeframe, or face penalties. Minister of Solid Minerals Development, Dr. Dele Alake, expressed dissatisfaction with the committee’s ability to mediate between stakeholders in the mining sector, failing to fulfill its statutory obligations. Under the Nigeria Minerals and Mining Act of 2007, MIREMCO is meant to oversee compliance among operators with environmental regulations, which has evidently not been the case. Dr. Alake warned that failure to meet expectations would prompt federal intervention to restore effective management of mineral resources in Nigeria.

The government is also focusing on bolstering the mining sector by establishing six mineral centres across Nigeria’s geopolitical zones. This initiative accompanies a new policy aimed at ensuring that mineral extraction activities contribute maximum value to the economy by enforcing that mining applications include plans for local processing and value addition. Ongoing challenges such as limited active mining projects and funding constraints were highlighted by the Director General of the Nigeria Mining Cadastre Office, Obadiah Nkom.

The Mineral Resources and Environmental Management Committee (MIREMCO) is a regulatory body under the Nigeria Minerals and Mining Act of 2007, tasked with ensuring compliance and mediating between stakeholders, including local communities and mining operators. Currently, there are issues surrounding its effectiveness, which has resulted in governmental dissatisfaction. In addition, the Nigerian government aims to improve the mining sector significantly, seeking to add local value to extracted resources and develop local industries to tackle economic losses.

The Federal Government’s ultimatum to MIREMCO aims to enhance oversight and compliance in the mining sector, reflecting a commitment to effectively manage Nigeria’s mineral resources. With a 90-day deadline set for improvements, the initiative underscores the need for strong institutional frameworks and policies that promote local value addition, which will ultimately benefit the economy and local communities.

Original Source: nairametrics.com

The post Federal Government Issues 90-Day Ultimatum to MIREMCO for Performance Improvement first appeared on Nigerian Mining News.