Wole Balogun, Ado-Ekiti
Governor Kayode Fayemi of Ekiti State and Minister of Mines and Steel Development, Olamilekan Adegbite, have called for increased funding for the mines and steel sector as it would facilitate the bid to diversify the economy.
Speaking in Ado Ekiti at the closing session of the third edition of the National Council on Mining and Mineral Resources Development (NCMMRD), Fayemi said the Federal Government is giving attention to the mining sector, and that it recently received $150million as diversification fund from the World Bank.
Fayemi, who was former Minister of Mines and Steel Development, however, said there was need for an increase in funding for the sector because of its capital intensive nature. He said if the government injects fund into the sector, it would give private sector investors the confidence to plough resources into the development of the sector.
Fayemi challenged the NCMMRD to fashion out ways to engage all stakeholders in the sector to contribute their quota so that it can contribute at least 5 per cent to the National Gross Domestic Product (GDP).
Adegbite said the ministry had engaged artisanal miners into cooperative groups, and that no fewer than 1,346 artisanal mining operators have formed cooperatives in readiness to access small, scale mining licenses.