The Federal Executive Council (FEC) on Wednesday approved N12.7 billion for a contract for the exploration and consultancy on some of its targeted minerals like gold, industrial minerals, earth metals and iron ore.
The Minister of State for Mines and Steel Development, Bawa Bwari, confirmed this while speaking with State House correspondents after the cabinet meeting in Abuja.
He disclosed that the implementation of the contract would involve four companies that will handle exploration and another four that will handle the consultancy services.
The minister explained: “This contract is worth N12.7billion and with this, we will encourage both local and foreign investors to come in. Our major challenge is the bankable data; most mining companies will not want to come into your country when they are not sure of what they are going to meet.
“Nigeria has the potential for minerals although we have not been known as a solid mineral destination, we have been known as an oil and gas destination.
“The perception is gradually changing and for us to really encourage these people to come in, we really need to explore because you cannot mine without information and information can only be gotten through exploration.
“This government today approved for us to start with some of our targeted minerals in line with what we have in the road map”, he added.
