The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to develop a comprehensive industrial strategy to attract mineral exploration investments and accelerate new mineral discoveries.
LCCI President, Mr Gabriel Idahosa, made the call at the chamber’s state-of-the-economy quarterly news conference held on Thursday in Lagos.
Idahosa stated that the strategy should encourage optimal utilisation of Nigerian mineral resources in line with the Environmental, Social, and Corporate Governance (ESG) principles for sustainable growth.
He called on government to address the sector’s funding issue and increase access to finance to develop value-added products by establishing seed funds and attracting foreign and local investments.
The president said that this would drive value addition that would enhance local production and job creation, and also create linkages across the mineral sector and beyond.
Idahosa advised that government should consider revitalising Ajaokuta Steel Company Ltd.
(ASCL) and the Nigerian Iron Ore and Mining Company (NIOMCO) by adopting the best arrangement.
According to him, this is to free them from all hindrances and ultimately make them operational and viable.
‘To ramp up investments in this sector, we need to deploy more relevant research and technology to trace more mineral deposits, refine minerals with value addition to them, and make more statistics available for planning and strategy.
‘Government should learn from the hindrances we presently experience in the Niger Delta for the failure of allowing small crude refineries to operate under some supervision and standards.
‘For the solid minerals sector, we should adopt an inclusive strategy that integrates Artisanal and Small-Scale Mining (ASM) policy into a broad rural development strategy.
‘This will aligned with development plans at all levels of government and linked to other national rural sector strategies.
‘It will also make the solid minerals sector more integrated and linked to other sectors, with
more activities that will generate more jobs in rural areas,’ Idahosa said.
He, therefore, called for an aggressive metering programme that leads to 100 per cent coverage of electricity consumers.
According to him, this will guarantee liquidity for the distribution companies and give consumers more satisfaction with paying for what they consume.
He emphasised the need for an environment that would enable foreign investors to build renewable energy factories in Nigeria to upscale energy transition and reduce dependence on the national hydro grid.
‘We urge deep commitment to the Presidential Metering Initiatives’ target of installing about two million meters annually over the next five years.
‘We expect the Federal Government to show more commitment to patronising local meter manufacturers to boost local content development and foster growth in the power sector,’ he said.
On the establishment of the ministry of livestock development, the LCCI president said the initiative marked a significant shift in Nig
eria’s agricultural policy landscape.
He, however, stated the importance of viewing it from the broader implications for the economy and the business community.
Idahosa urged government to involve all relevant stakeholders in formulating and implementing policies and establishing clear communication channels to ensure transparency and foster stakeholder trust.
‘We call on the subnational governments to replicate this in their domains and reduce the persistent clashes over production locations.
‘Creating a dedicated ministry can provide targeted policies and resources to address the specific needs of the livestock sector, potentially leading to increased productivity and efficiency.
‘A robust livestock and fisheries sector can boost the agriculture sector’s contribution to our GDP and help curb the record-high food inflation,’ he said.
Source: News Agency of Nigeria