In a bid to diversify the Nigerian economy, the Federal Government and World Bank are working together to review Nigeria’s privatised mining enterprises.

This was disclosed by the Minister of Solid Minerals Development, Dr. Kayode Fayemi in a correspondence to the News Agency of Nigeria on Tuesday in Abuja.

Dr. Fayemi, said that the collaboration was to improve functionality of these firms.

He disclosed further that the Bretton Woods Institution would help the nation explore her minerals to achieve the government’s plan of economic shift.

He said: “We are also working with them (World Bank) to take a clue from them from what obtains in other jurisdiction in terms of legal and regulatory framework and to help us review all of the privatised assets.

“We have assets in mining that have been privatised. What is really happening to them now?

“Katsina Steel Rolling Mill is there, Jos Steel Rolling Mill is there, Osogbo steel Rolling Mill is there, Itakpe is there, Delta is there.

“What is the asset? All of the assets that we have privatised may not have been under our government, but Nigeria has privatised them.

“What has happened to them? What is their status now? How do we take them forward?

“So, we are working with the Bureau of Public Enterprises (BPE). The BPE has just given me an analysis of the status of the privatised assets. It is now up to us to decide.

“We sold this to you 10 years ago and you have not done anything with it.

“What is in the law that will allow us to hold you accountable for what you have bought that you have not utilised in the interest of the Nigerian people.

“It is not just enough for you to purchase an asset and then you go to sleep’’.

The Minister further stated that the World Bank would be assisting in the establishment of Chamber Mines that will allow involvement of big investors in the sector.

He noted that his Ministry would still hold a regulatory responsibility to ensure better organization and valid negotiations that will strengthen the industry.


Author: Cerebral Lemon