Nigeria’s federal government has made a significant move towards boosting the country’s mineral and mining sector by inaugurating the first-ever gemstone market.
According to local news portal, Politics Nigeria, the move was initiated by the Ministry of Mines and Steel Development, less than 25 days before President Muhammadu Buhari’s administration ends.
During the launch event, which took place in Ibadan, Oyo State, the Minister for Mines and Steel Development, Olamilekan Adegbite, highlighted that the Mineral and Mining Act of 2007 supports individuals and families as rightful owners of mining sites, not traditional rulers. This statement was in response to a question from Oba Khalid Olabisi, the Okere of Saki, about the activities of miners in his domain and the need to encourage local miners.
“Rules and laws govern mining. What is happening at Okeho, Oyo State, as referred to by the traditional ruler, is nothing but an act of illegality.
“The 2007 Mining Act only recognises families and individuals as rightful owners of acquired mining sites, not traditional rulers.
“Based on this, exploration, not mining licences, are issued to the groups mentioned above. Traditional rulers can only advise, not play a principal role,” Daily Post quoted Adegbite as saying.
Adegbite also emphasized that the Gemstone market would give Nigeria an industry-based competitive advantage. In fact, the minister had first mentioned the establishment of the gemstone market back in January 2020, stating that it was an effort to formalize the gemstone business, which has become an international industry.
Furthermore, Adegbite revealed that the Oyo State government had donated two hectares of land for the market’s construction. The plot is situated in Ojoo, along the Ibadan-Oyo road, in the Akiinyele Local Government Area of the state.
“This is an initiative of President Muhammadu Buhari; part of the post-COVID-19 palliatives that is being done by the Ministry of Mines and Steel Development.
“Its aim is to develop the activities in the sector within the six zones in the country. “For the Southwest zone, we chose to promote gemstone trading, which is already going on in Ibadan – as an informal market in the Ojoo area of the state,” Adegbite said earlier.
He added that the market would enhance gemstone trading and be beneficial to the Federal, state, and local governments.
“Also, it will spur activities for people, enhance the market, at the same time improve the local economy and also generate revenue for the government, both at the state and Federal,” he noted.
