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‘Mining holds better revenue stability prospect’

‘Mining holds better revenue stability prospect’

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The Federal Government has said the mining sector held better stable revenue prospect than oil.

It said oil price is usually subject fluctuation in the international market which distorts budget planning in the country.

Minister of Labour and Employment, Chris Ngige  who spoke yesterday, said the price fluctuation scenario also causes confusion for the country in terms of projections.

He said Nigerians needed to be encouraged to go into the mining sector especially in the area of precious stones to enable the issue of oil be a thing of the past.

Ngige who spoke at the African Gems and Jewelry Exhibition and Seminar (AGJES2018), titled ‘mines to market, collaborating to improve industry linkages’,  said the only way the country could know it has stability is through mining because the prices bearly sways.

Ngige said: “When you talk of the mining industry, you must talk about the workers there, unfortunately today in the industry, what we have there are illegal workers and artisinal miners who are not documented. We know that it takes just a little thing to make them formal sector miners, just form corperatives for them, we need to look into the issue of corperatives in agriculture, mining, oil and gas everywhere because it is through corperatives that we can get them well documented properly, formalised and encouraged.

 

“We need to encourage people to go into the mining industry, especially in the area of precious stones, we should try to encourage and when we do, the oil issue will be a thing of the past. Oil i no longer envouge, infact the price fluctuation scenario causes confusion for Nigeria in terms of our projections and budgeting.

“The only area where we can know we have stability because the prices hardly sways is in mining so we pray that God will assist Nigeria.”

Minister of State for Mines and Steel Development, Hon. Abubakar Bwari said the sheer beauty of Nigeria’s gemstones, makes them easy prey for smugglers.

He said: “I am impressed by the seminar component of this event because for too long Nigeria was seen as an oil nation rather than a mining nation despite the fact that mining began here in 1902.

“The seminars will therefore help in educating the world about the beautiful gemstones we have in Nigeria from the blue sapphires at the plains of the Mambilla to the amazing rubelite tourmaline that recently sold at $180  per carat. Ironically, the sheer beauty of our gemstones make them easy prey for smugglers and money launderers. We have since began reforms in the sector with the hope of ensuring proper policing of the gemstone sector across the value chain from prospecting, to exploration, to mining, processing and marketing.

“The central point of our gem policy is to ensure due process in our gemstone mining and marketing activities in line with international best practices. We also hope to help artisans get good prices for their gemstones while boosting our GDP by ensuring due repatriation of gemstone export proceeds through the CBN,” Bwari said.

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