With commodity prices nose- diving to between 40 and 60 percent, the Minister of Mines and Steel Development, Mrs. Diezani Alison–Madueke has exuded optimism that this is the appropriate time for Nigeria to develop a strategic framework and take advantage of the lull in commodity prices.

Speaking, during a meeting with a delegation from the Nigerian Investment Promotion Commission, led by its Executive Secretary, Engr. Mustapha Bello, the Minister said that the global meltdown has ensured that commodity markets all over the world are down, noting that, the time had come for Nigeria to make an entry into the market before the prices begins an upward swing.

The Minister who noted that Nigeria is blessed with extensive deposits of mineral wealth but did not compare favorably with her Sub – Saharan neighbours, called for proactive measures at articulating it to move the sector forward.

In her words “it also means the mining commodity market is competitive because African markets are raking in huge investments in this sector, a much higher level than we are”. She cited the example of Nambia with about twenty percent of the Foreign Exchange Earnings, Democratic Republic of Congo, fifty percent and Nigeria with only 0.4 percent.

Mrs. Alison – Madueke reiterated the present administration’s  readiness to  create an enabling environment for the mining sector, stressing  that the  enabling legislation would  enhance the activities  of artisanal miners and  attract major international operators, as well as other stakeholders to the sector.

The Minister who noted that a well articulated enabling environment were already in place, said  that  creating an enabling environment was determined not only by putting  in place the right legislation but also the right strategic framework to attract international operators .

She disclosed that the Mining Act had received international nod while the mining regulations that would implement the Act is with the Ministry of Justice for endorsement.

The Ministry is looking forward at having highly respected foreign experts on Mining Jurisprudence and Law from Canada to endorse the Mining regulations so as to attract the interests of International Community such as Canada and Australia.

The Ministry through its Mining Cadastre Office would work together with the Commission at promoting the investment potentials of the sector to the outside world.

Earlier in his response, the Executive Secretary of Nigerian Investments Promotion Commission, Engineer Mustapha Bello said that his mission was to seek collaboration from the Ministry especially in areas of policies and necessary support.

He said that the Commission  had initiated effort at generating  “Sector Specific Policies Investment” which requires the input of the Ministry so that relevant data would be made available to the investors as and when due.

Engineer Bello sought for the support of the Ministry in area of ‘One Stop Window’ adding that, the Commission presently has enough facilities to accommodate about forty (40) agencies of government including private sectors.  

In another development, the Honourable Minister expressed her willingness to collaborate with Miners and Processors of Barytes Association who called in her office.