Nigeria's council approves road-map for solid mineral development

Nigeria's Federal Executive Council (FEC) on Wednesday approved a national road-map for the development of the solid mineral and metal sector in the West African country. The road-map contained clear cut guidelines and regulations on the best way to move the mining sector forward, Minister of Mines and Steel Development Mohammed Sada said this to reporter after the council's weekly meeting presided over by President Goodluck Jonathan in the capital Abuja. The minister said the sector would be largely private sector- driven and there would be specific incentives to encourage investors. According to him, issues of host community development, job creation, job protection, and fiscal framework for the sector were also contained in the road-map. Sada told reporters that the sector used to contribute significantly to the national economy until the late 1970s when there was a significant drop. He identified lack of regulations, clear cut policies and road- map as well as the shift into the monolithic oil economy as factors responsible for the drop. The minister said the whole idea of the road-map was to re- awaken the sector to be a viable alternative income and employment generation.