Gemstone market will help diversify Nigeria’s economy – Minister

Nigeria’s Minister of Mines and Steel Development, Olamilekan Adegbite, said Thursday that the creation of a gemstone market will ensure the diversification of the Nigerian economy.

Mr Adegbite made this known in a statement signed by Funmi Imuetinyan, the head of the press department in the Ministry of Mines and Steel Development.

According to the statement, the minister stated this at the commissioning of the Ultramodern International Gemstone Market Ojoo, Akinyele Local Government Area Ibadan, Oyo State, on Thursday.

He noted that the commissioning of the project is an opportunity to highlight the efforts of the administration of President Muhammadu Buhari to open some of the potentials available in the mining sector to serve as alternative revenue sources.

“The landmark projects are to create an enabling environment to support the mining industry through the formalization of the Artisanal and Small Scale Mining (ASM) Sub-sector as a major driver of the key growth parameters to engender the development of the mining sector since over 90 per cent of the mining activities in the country could safely be said to be ASM driven,” the minister said.

He added that some of the notable envisaged outcomes from the international gemstone market include the creation of over 20,000 jobs along the gemstone mining value chain in the South-Western zone cluster, improved revenue generation from the ASM subsector for both operators and government, increased number of ASM operators that are inventoried, formalized, and receiving technical assistance, the emergence of a subsidiary and service-oriented companies which will further boost economic activities, improved infrastructure for the benefits of the miners and other surrounding economic actors respectively.

He added that the international gemstone market is also designed to be a One-Stop-Shop for local and international gemstone and gold merchants with facilities to test, certify, document and effect necessary payments for royalties and processing fees required to support direct international travels.

“The creation of an ecosystem will minimize the high rate of illegal mining and smuggling, increase the government’s revenue from the resource, create jobs, and improve environmental and social stewardship,” he said.

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Also speaking, the Governor of Oyo State, Seyi Makinde, represented by the State Commissioner for Energy and Mineral Resources, ‘Seun Ashamu, said the solid mineral is a sector where value can be derived from the existing comparative advantages to grow the economy and improve the GDP of Nigeria.

“It will lead to job creation among Nigerian youths and the labour force that is searching and ready for employment and entrepreneurship opportunities,” he said.