Determined to ensure predictability in its mining sector and boost local and international investments, the federal government has concluded arrangements to establish the Nigerian Mining Commission, to take charge of the regulatory role of the Ministry of Mines and Steel Development, Premium Times reports.
The Minister of Mines and Steel Development, Kayode Fayemi, who disclosed this at the Nigeria Day event at the ongoing African Mining Indaba, in Cape Town, South Africa on Wednesday, said the law setting up the commission is already with the National Assembly. Mr. Fayemi spoke as Nigeria took the centre stage at the African Mining Indaba, with the formal presentation of its new Airborne Electromagnetic Survey Results amid endorsements for the country’s mining sector reforms by mining experts, operators and developmental agencies.
He said the commission, which would be known as the Nigerian Mining Commission, would not only be the final authority on regulatory matters, but would also take charge of mining leases. Mr. Fayemi, in an interactive session with investors and the media after the presentation of the new Nigeria Electromagnetic Survey results, said the delivery of the geological data, was in line with government’s desire to ensure bankable geological data, that would be an incentive to investors.