Governor Ramalan Yero of Kaduna state has called for the investment of pension funds as a deliberate policy targeted at developing the country’s solid minerals sector.
The governor made the call in Kaduna while receiving a delegation of the board and management of Nigeria Extractive Industries Transparency Initiative (NEITI) on a courtesy visit.
Yero further noted that the policy has become necessary in view of the need to channel dormant funds to long term investment in any sector that could reduce Nigeria’s dependence on oil and gas.
He expressed concern that pension funds deposited in most commercial banks were largely dormant due to inability to channel them to sectors where they could help mobilize the economy towards production and job creation.
The governor identified the solid minerals sector as one area where pension funds would serve as the engine of investment and tools for long term economic growth. He pledged to share the knowledge and information on how pension funds could become the pillar of investments drive for the solid minerals industry with strategic stakeholders.
In her response, the executive secretary of NEITI, Mrs Zainab Ahmed, told the governor that NEITI has been working closely with the mines and steel ministry to develop a legal frame work similar to the Petroleum Industry Bill for the solid minerals industry.
‘’The new proposed legislation for the solid minerals industry is designed to provide clear legal road map required to drive the reforms and investment potentials in the sector’’, she added.
Mrs Ahmed further explained that from the research already conducted by NEITI, there is valid evidence of the availability of all kinds of solid minerals deposits in huge commercial quantities in all states of the federation especially states in the northern part of the country. She identified some of the solid minerals to include gold, tin, lime stone, coal, bitumen, zinc, iron ore, silver etc.
