The Federal Government has described gemstone as a natural resource that can boost the economies of Oyo State, Southwest region and Nigeria, by shoring up the internally-generated revenue (IGR), expressing readiness to exploit the resource for the benefit of all.

The Minister of Mines and Steel Development, Olamilekan Adegbite, disclosed this yesterday in Ojoo, Akinyele, Local Government Area, & adan Oyo State, during the official commissioning of the market.

According to him, the choice of Ibadan as a location for the international Gemstone Market is predicated on the rich deposits of gemstone in the part of the country, adding that over the years, a thriving informal gemstone market has evolved in Ibadan, the state capital.

Adegbite explained that the project is part of the Federal Government’s initiative to facilitate economic recovery across the nation.

The minister stressed that the gemstone market will not only boost the Oyo State economy, but will also encourage foreign investment in the South West region, expressing the hope that the market will create

20,000 jobs along the gemstone mining value chain in the South-western zone.

Adegbite said: “The informal nature of the market gave credence to poorly regulated trading of mostly unprocessed gemstones, leading to capital flights and job losses.

“It is in a bid to leverage on this long-standing trading experience that the decision to establish the Artisanal and Small-Scale Mining (ASM) Cluster International Gemstone Market in Ibadan for the Southwest Zone was mooted.

“However, ladies and gentlemen, you may recall that at the inception of this administration, the President did not mince words in his desire to encourage diversification of the national economic base.

“It is in line with the President’s resolve to anchor his economic diversification agenda on two key sectors of Mining and Agriculture, that the Ministry of Mines and Steel Development had designed six strategic ASM Cluster Projects in the six geopolitical zones as a means to harness the potentials of the over three (3) million ASM operators in the country.

“The International Gemstone Market in Ibadan for the Southwest Zone is one of these projects. These landmark projects are to create an enabling environment to support the Mining Industry through the formalization of the ASM Sub-sector as a major driver of the key growth parameters to engender the development of the Mining Sector since over 90% of the Mining activities in the country could safely be said to be ASM driven.

“This event has again provided an opportunity to highlight the efforts of the administration of His Excellency, President Muhammadu Buhari to open some of the potentials available in the Mining Sector to serve as alternative revenue source.

“The concept of the International Gemstone Market was a crafted policy to spur job creation and capacity development of gemstones mining operators in Oyo State and environs, through the Economic Growth and Sustainability Plan of the Federal Government.

“This project houses several Federal Government initiatives geared towards curbing smuggling of gemstones and other minerals as well as development of the capacities of our teaming youths to actively participate in downstream gemstone and gold value chain.

“Some of the notable envisaged outcomes from the International Gemstone Market includes but not limited to the followings: Creation of over 20,000 jobs along the gemstone mining value chain in South-Western Zone cluster,” he disclosed.

While speaking on the sustainability of the market, the minister hinted that the market will be self -sustanining because it there had been over subscription by people who wanted to have shops there.

“So, these people will pay for their shop; there will be faculity manager. Of course, it’s been run by the ministry through the FMO in the state. The facility managers will ensure the facilities do not depreciate so much, so that anytime you come here, the facilities will be in top shape and of course, the people who are going to use this place including the people who are going to patronise them will have the best experience,” the minister stressed.

Adegbite, however, thanked all the stakeholders who have continued to support the ministry’s efforts to improve the Nigeria mining industry.

The minister also acknowledged the support of the state government towards the realization of the project, which he said could not be overemphasized.

“His Excellency Engr. Oluseyi Abiodun Makinde provided the land upon which this Landmark Project was built,” he stated.

In his remark, the Commissioner for Energy and Mineral Resources in the state, Seun Ashamu, who represented Governor ‘Seyi Makinde, noted that the project complements the diversification plans of the governor and would surely boost the state’s IGR.

Also in a remark, the Okere of Saki, Oba Khalid Olabisi, who spoke on behalf of the traditional rulers, called for the empowerment of local miners to boost the mining industry.

Earlier in her address of welcome, the parmanent secretary in the ministry, Dr. Oluwatoyin Akinlade, disclosed that the project was one out of six projects embarked upon by the Ministry, adding that one in each of the geopolitical zone of the country, as part of government’s response to the COVID-19 pandemic to boost the value-chain of the minerals and metals sector and to cushion the effects of the pandemic on the country’s artisanal and small miners. (Vanguard)

Update news