The federal ministry of solid minerals will henceforth be known as the federal ministry of mines and steel development. The renaming was approved during Wednesday’s Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the State House in Abuja.
FEC also approved a new roadmap for the growth and development of the nation’s mining sector. The new roadmap seeks to increase the contribution of the sector to GDP as the FG continues its quest to diversify the economy.
“What distinguishes this roadmap, which builds on the old roadmap that was approved by the council in 2012, is its determination to set up an independent regulatory agency, which investors have been insisting on that the ministry which has been serving as facilitator should also not be the one that regulate them,’’ said Kayode Fayemi, the minister of Mines and Steel Development, at a briefing to State House correspondents after the FEC meeting.
The Minister announced that the Inspectorate, Environmental Compliance and the Artisans and Small Scale units of the ministry would form part of the regulatory agency.
He said that in the new roadmap, there would be partnership between the federal and state governments which would address the persistent misunderstanding and conflicts between the Federal Ministry of Mines and Steel Development and states’ Ministries for Mines.