The Federal Executive Council (FEC) has approved a new road map for the growth and development of the nation’s mining industry.‎‎

The Minister of Solid Minerals, Kayode Fayemi, told journalists after the FEC meeting that the road map sought to increase contribution of the sector to the Gross Domestic Product in line with President Muhammadu Buhari’s vision to diversify the economy. ‎

“Mining has moved gradually from 4.5% of the GDP at independence to 0.33% of the GDP as at today. Given the new focus, we can begin to scale that up again. Within the next decade, it’s readily expected that it’ll begin to claim up to about 5% of the nation’s GDP,” he said.‎

The minister noted that the new mining road map would build on the one designed by the past administration in 2012.

He said the new road map was distinguished by its determination to build an independent regulatory agency in the sector as stakeholders had been insisting that the ministry should not be the industry’s regulator. ‎

“We’ll now have mining cadastral zonal offices which issue the licenses together with the mining inspecting directorate, mining environment compliance unit as well as the nautical mining units. These are directorate within the ministry, but will form part of the independent regulatory agency,” he stated.

The minister who described partnership with states as very critical, identified the tension between the federal and state governments as a challenge in the sector.

“The federal government owns the minerals in the holes, but the state governments own the land. ‎Without a robust partnership between the two critical components of mining, we’re not going to make any headway. Mining has not been thriving because of the tension between the federal government and states.‎‎ In this regard, mining cadastrail and zonal offices will also be created in the states to work on this,” he said.

Fayemi also hinted that the new road map would change the name of the Ministry of Solid Minerals Development ‎to the Ministry of Mines and Steel Development, in line with the global standards.

“Mining is about science and if you don’t search you won’t find. The council recognised that and agreed that a lot of money be put into exploration,” he added.