Lagos Chamber of Commerce and Industry (LCCI) has urged the federal government to review the mining industry strategy to attract mineral exploration investments, reignite mining project development, accelerate new mineral discoveries, and encourage optimal utilization of Nigerian mineral resources in line with the Environmental, Social, and Corporate Governance (ESG) principles for sustainable growth.
Director General of LCCI,Dr. Chinyere Almona, who made this remark in her statement on the state of Mining sector in Nigeria expressed the need for the government to address the sector’s funding issues and enable enhanced access to finance for processing value-added minerals based products by establishing seed funds and special incentives to attract foreign and domestic investors.
She advised that the Government should seek innovative ways of revitalising the Ajaokuta Steel Company Limited (ASCL) and the Nigerian Iron Ore andMining Company (NIOMCO), stressing that the model of the NLNG management can be adopted for this purpose.
To ramp up investments in this sector, she we need to deploy more relevant research and technology to trace more mineral deposits, and make more relevant data available to interested investors.
