Fayemi and others at the bitumen site, Agbabu

The Minister of Solid Minerals Development, Dr Kayode Fayemi, who made a working visit to bitumen bearing communities in Agbabu area, Ondo State on Thursday and Friday, revealed that the Federal Government is set to commence bidding process for prospective investors to explore the vast bitumen deposit in the country. The Agbabu bitumen is the second largest (to Venezueal’s) in the world, spanning approximately 120 kilometres.

With other officials of his ministry, Dr Fayemi, checked samples of bitumen in Agbabu, Ilubirin and Lado. He later had interactive sessions with leaders of the communities, where he assured them of government’s support.

“We want your mineral to work for you, and we are fully ready to assist your communities to ensure that you get the best from the process.”, Fayemi told the community.

In his words: “Priority will be given to investors that would build processing plants. The processing plants will boost local production, which will in turn will help us meet local demands and create job opportunities for our youths.”

Fayemi disclosed that the major focus of the ministry is to ensure that the contribution of the solid minerals to the Gross Domestic Product (GDP) records a significant improvement from 0.3% to at least 10% in the near future and that investors would enjoy a lot of incentives.

“The serious investors will get tax holidays and would be encouraged to bring in mining equipment duty free “, he said.

Local investors, according to the Minister, would be supported through access to funding as well as equipment leasing.

He however urged prospective investors to be prepared to play according to set rules and standards “ the ministry would surely subject activities of the investors to proper monitoring in order to ensure compliance with laid down procedures and guidelines.”, the Minister added.

He added: “The mining sector has witnessed extensive reforms since 1999, which essentially crystallized around the Nigerian Minerals and Mining Act of 2007, Fayemi said the country is again on the path to providing a transparent and workable regulatory and policy environment for a private sector- led mining.”

High Chief Toyin Enate, spokesman for Agbabu community, while welcoming the minister, praised President Muhammadu Buhari’s governmnt for its commitment to the bitumen project.

He said the minister’s decision to encourage state government to engage in mining was a positive step towards the realisation of the government’s diversification plan.