FG to Governors: Establish mining companies to improve revenue

The Minister of Mines and Steel Development, Olamilekan Adegbite has advised governors across the 36 states of the federation to set up mining companies in order to benefit from the multi-billion dollars investment opportunities that is available in the sector.

Adegbite said this in Ilorin, the Kwara State capital while briefing newsmen on the activities of the federal government team that visited the state ahead of the commencement of the Airborne Geophysical Survey exercise scheduled for Monday.

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The minister who was represented by the Director-General, Nigeria Geophysical Survey Agency (NGSA), Dr Abdulrazaq Garba said the move will further serve as a major revenue booster for states and play a key part in the diversification of their economies in an era of dwindling resources.

According to him, governors should take advantage of the federal government renewed drive to diversify through the mining sector.

He said: “The best way state governments can actualise their dreams through mining is to set up Special Purpose Vehicle (SPV).

“This will enable them to take up licences through which they can float mining companies. It will also afford them the opportunity to partner with other mining companies.”