Adegbite, made this disclosure in Abuja while receiving a report on National Integrated Mineral Exploration Project (NIMEP), saying that the Federal Government was driving exploration activities in the mining sector to de-risk the sector to boost the economy.
He also unveiled that about $50 million has been spent on the project under the National Integrated Mineral Exploration Project (NIMEP), between 2017 and 2021.
He said: “We made a lot of mistakes in oil and gas, on exporting raw products outside. Using a foreign exchange to import the finished products is not okay. So, we encourage whoever wants to partner with us to come and establish processes within the country to develop all.
“You are never sure of what is beneath the ground and at what quantity. That is the risk. Of course, it is high risk because you need to find out this fact which is data generated. Investors always shy away from this risk.
They do not want to risk their money and find out that there is nothing there.
“Oftentimes, the government has to undertake this. This is where we have to say thank you to President Muhammadu Buhari. He is the first president ever to have granted this type of funding.
“This was a well-thought-out project and the results are fantastic. The data are coming in and they tell us that we are very rich in mineralisation and the next phase is for us to market this so that it can bring in investors, yield revenue and create jobs for our people.”
“We have received two reports earlier in October and two today. Just one outstanding and then the project will be closed. We can now take the report in less technical format to the council that the money granted in 2017 has been judiciously expended and this is the result and we will ask for more finance”.
