By Nairaland Forum The announcement by the Acting President, Prof. Yemi Osinbajo, at the recently held Nigeria Mining Summit in Abuja, that the federal Government is working towards new mining sector fund of $600 million to be raised via Nigeria Sovereign Investment Authority (NSIA), Nigeria Stock Exchange (NSE) and other investors, may have opened a new vista of opportunities for those that intend to venture into the business, especially quarry/granite.
The federal Government through the Dr. Kayode Fayemi-led Ministry of Mines and Steel Development, however, is yet to come up with modalities on how it intends to disburse the funds, the qualification requirements and the general framework for the fund.
But having unveiled its plan to float the fund, the time is now for would be investors to begin preparation towards tapping into this novel idea that may eventually turn the fortunes around for the country’s mining sector while creating massive employment for the sector.
It is equally on record that the activities in the mining sector, if well harnessed, are capable of generating over 500, 000 jobs but funding remained a major stumbling block to the realization of the full potential in that sector.
But hope seems to be at the end of the tunnel as the Federal Government has equally announced fresh plans to grant the Ministry of Mines and Steel Development access to ₦30 billion under the mining sector component of the Natural Resource Development Fund (NRDF).
On the other hand, it stated that another $150 million has been raised globally from the world bank for mining diversification. With all these funds, the stage is now set for serious entrepreneurs to come up with a bust business plans, which may eventually give them access to these funds.
As at the last count, the Ministry of Mines and Steel Development has discovered about 33 commercially available industrial minerals in Nigeria and granite is one of such industrial minerals. According to Foraminifera , a market research outfit, the granite deposit in Nigeria is estimated to be in billions of metric tonnes. The earth crust is filled with different types of rock, ranging from igneous, sedimentary and metamorphic rocks. Granite is an igneous rock formed from the cooling of magma in an exothermic process.
Granite, popularly known as chippings/gravel, is a very hard stone good for building and construction works globally. It is a common and widely occurring type of intrusive felsic, igneous rock. It has a medium to Read More
Source:: Nigerian Chatter