Solid minerals can drive industrialisation and economic growth in the country, the sector stakeholders have said in Ilorin, the Kwara State capital. The stakeholders spoke at the 52nd Annual National Conference of Nigerian Mining and Geosciences Society (NMGS).

Kwara State Governor Abdulfatah Ahmed and Solid Minerals Development Kayode Fayemi were in attendance. Both Governor Ahmed and Dr Fayemi decried the neglect of the sector by successive governments in the country.

Ahmed used the occasion to call for partnership between the Federal Government and states for a survey of the quality and quantity of solid minerals in the country in order to build a geosciences database.

He said, "No doubt, the solid mineral sector has the potential to generate significant revenue for the country but has been largely underexplored due to the reliance on oil resources. "Yet the opportunities are vast. For example, 30 per cent of the planet's mineral resources, and specifically, more than 40 per cent of global gold, diamond and manganese, to mention a few, is found in Africa. Nigeria is no less endowed.

"According to the 2012 audit report of the Nigeria Extractive Industries Transparency Initiative (NEITI), Nigeria has about 40 different solid minerals spread across the country. Yet on the average, the sector contributes only about 0.34 percent to the country's GDP.

"More than ever before, there is profound optimism that the sector can serve as a key driver in the quest for sustained economic growth and development in the country. The cumulative experience and expertise in this room today makes you all key to this quest.

"As things stand in our country, the only way governments can continue to meet their obligations to the people is to create a broad based and sustainable economy: an economy that relies on revenue and growth from multiple sectors and is structured to create prosperity for the current generation without jeopardising that of the future. "However, it is important to note that Section 44 (3) of the 1999 Constitution vests the Federal Government with the ownership and control of all minerals, mineral oils and natural gas, in Nigeria.

"Also, the Second Schedule, Part1, item 39 of the Exclusive Legislative list in the 1999 Constitution restricts State Governments from developing their respective mining industries. "As a result, this has limited the authority of states in the mining sector. This restriction has led to states having no authority to regulate the sector despite, playing host to miners.

"Indeed, it is ironic that this restriction exists at a time states are required to exploit alternative sources of revenue such as the solid mineral and mining sector. This structure has led to environmental degradation as licensed miners sometimes carry out mining activities in a haphazard manner, as states are unable to regulate their activities.

"I, therefore call on the Federal Government to allow increased participation by States in the solid mineral sector, especially in exploration, the collection of royalties, fees, fines and taxes accruable from solid minerals. "With this, states will be able to stimulate more growth, increase their Internally Generated Revenue, and create critical jobs for youths.

"While we have a fairly accurate estimate of the mineral resources our country is endowed with, it is believed these barely scratch the surface of the vast mineral deposits in Nigeria. We must however acknowledge that mineral exploitation is expensive and time consuming.

"Likewise, in order to diversify our economic base through solid minerals, this administration has put in place strategies to formalise and grow the industry. "These strategies include: enumerating and regulating operators and growing micro-and small-scale operators in the sector amongst others.

"Furthermore, we are making plans to organise informal miners in the sector into cooperatives and given access to Small and Medium Scale Enterprises (SME) loans. This is to encourage small business owners in solid mineral and mining sector. "We have also set up the Midway Minerals Development Company Limited as a special purpose vehicle to acquire mining licenses and promote investment in the sector. Currently, we have five mining permits covering 445 cadastral units for mining Tourmaline, Tantalum, Dolomite and Marble.

"Additionally, we are ready to acquire additional licenses to further exploit opportunities in the sector and by forging partnerships with private sector investors. Dr Fayemi used the occasion to decry insufficient funding of the ministry over the years. He added that out of the one billion Naira voted for the ministry in the 2015 budget, the ministry could only access N352 million.

Dr. Fayemi added, saying, "This year alone Bukina-Faso next door to us is spending $80 million on generating geosciences data. Kenya is spending $65 million on generating geosciences data. It is not the total budget of the ministry. It is clear to us and President Muhammadu Buhari that if this sector is to thrive, we also need to inject more funding, not just government funding but private sector funding.

"To this end, one of my first tasks as a minister was to meet all the managing directors of commercial banks and the Governor of Central Bank (CBN) to encourage them to become involved in mining by setting up solid mineral's desk in their various banks, just as they have agric desk; and also organising an intervention fund for the sector, which we are now working on."