FG approves development plan for bitumen
On February 28, 2012 · In News
By Oscarline Onwuemenyi
The Federal Government announced that it has approved a development plan for the execution of a bitumen project as part of efforts to create an avenue for the diversification of the nation’s economy in line with the transformation agenda of the present administration.
The Minister of Mines and Steel Development, Mr. Musa Mohammed Sada, made the disclosure when he received the Canadian Deputy High Commissioner to Nigeria, Mr. Jean Gauthier, in his office in Abuja. Sada explained that the development plans approved by President Goodluck Jonathan called for timelines for the actual exploitation of bitumen resource in the country.
According to him, “A comprehensive plan for the development of the nation’s bitumen resources has been developed and has been approved by the President. It is important to note that this programme has been in existence for decades, but has to be revised to meet modern economic and development realities facing the country.”
He stressed the commitment of government to pursue an aggressive promotion of the nation’s mineral resources, adding that the forthcoming Prospectors and Developers Association of Canada, PDAC, Convention in Toronto, Canada, would be a plausible platform to draw investors to the sector.
The minister noted that “Apart from oil and gas, the nation’s minerals and metal sector is being looked at as a viable alternative source of revenue generation. Also, the expectation is for us to play a major role in seeing that sources of income for the country are expanded.”
The minister expressed appreciation for the visit of the envoy and the support enjoyed so far from the Canadian Government towards the development of the nation’s minerals and metal sector, saying that the ministry was hopeful of further assistance on how to move the nation’s bitumen sector forward.
He said three Canadian mining companies have already indicated interest in developing the bitumen project in Nigeria, adding that, the forthcoming Mining Convention in Toronto, Canada, from March 4-7, 2012, would provide the opportunity to showcase the investment potentials in the Nigeria’s minerals and metal sector to attract foreign investors.
The minister also noted that the ministry through its Sustainable Management of the Mineral Resources project of the World Bank was already working with various Canadian companies for their consultancy services.
He added that having put in place the necessary institutional and legislative frameworks for the nation’s minerals and metal sector, it is timely for the government to attract Canadian investors who have an idea of the mineral resource endowments in the country.
Sada, who thanked the Canadian Government for their efforts in bringing in investors to develop the nation’s minerals and metal sector, said the ministry had concluded arrangements to have a successful outing at the Toronto Convention.
He said Nigeria was hopeful of getting an opportunity to have business discussions with prospective mining investors on how to grow the Solid Minerals sector instead of the experience of previous participations, which yielded no results.
Earlier in his remarks, the Canadian envoy said the purpose for the visit was to foster collaboration with the Nigerian government for the development of her minerals and metal sector.
He said, “What the Ministry needs is to bring in one credible investor who will make other investors look around and come to Nigeria.”
PDAC is a yearly event that normally attracts over 100 countries since its inception 39 years ago to present the opportunity of sharing ideas and networking on new development in the mining industry.
