Nigeria’s Minister of Mines and Steel Development, Dr. Kayode Fayemi, has attributed the recent growth in the mining sector and the improvement in the investment risk profile of the country’s mining jurisdiction to the success of the reforms being put in place by the Federal Government.
Specifically, the Minister cited efforts of the Presidential Enabling Business Environment Council, headed by Vice President Yemi Osinbajo, which he said is helping to remove bureaucratic and regulatory constrains to doing business in the country.
Fayemi stated this at the opening session of the second edition of the Nigeria Mining Week in Abuja on Tuesday,.
The Minister, who referred to an independent report in the recently released Mining Journal, said it was gratifying to note that Nigeria had made remarkable improvements in both hard risk and perceived risk factors. The World Risk report is an annual comprehensive analysis ranking of investment risk of each mining jurisdiction
He said: “The Nigerian Mining jurisdiction is now considered to have a better investment risk profile than Russia, China, India and several other leading jurisdictions. Nigeria is now “perceived” to have a better investment risk profile than New York!
“Our efforts in the sector are being well complemented by the Presidential Enabling Business Environment Council (PEBEC) with a mandate to remove bureaucratic and regulatory constraints to doing business in Nigeria. The council is chaired by the Vice President, H.E. Prof. Yemi Osinbajo.”