FG inaugurates first International Gemstone market in Ibadan

The Minister of Mines and Steel Development, Mr Olamilekan Adegbite on Thursday, has inaugurated the first international gemstone market in Nigeria, in Ibadan, the Oyo State capital.

The federal government’s plan for economic sustainability includes the International Gemstone Market, which is located in Ojoo in the state’s Akinyele Local Government Area.

Speaking at the event, the Minister of Mines and Steel Development, Mr Olamilekan Adegbite said the project was in line with the President Muhammadu Buhari’s resolve to anchor his economic diversification agenda on two key sectors of Mining and Agriculture.

According to him, the ministry designed six strategic artisanal and small-scale mining, ASM, Cluster Projects in the six geopolitical zones.

He said the choice of Ibadan as a location for the International Gemstone Market is predicated on the rich deposits of gemstones in the zone.

Mr. Adegbite pointed out that the Southwest Zone’s International Gemstone Market in Ibadan would boost the nation’s economy and employment opportunities.

Regarding the location’s sustainability, Architect Adegbite said that the market would continue to operate under the ministry’s management after this administration.

The minister expressed his gratitude to the Oyo State government for donating the land for the market.

He said: “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.” 

“Over the years, a thriving informal gemstone market has evolved in Ibadan. 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”.

“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 an 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 the development of the capacities of our teaming youths to actively participate in downstream gemstone and gold value chain”. 

“It will interest you to note that this project is designed based on the cluster concept which has become a global trend in industrial development to promote shared amenities, agglomeration of similar producers, customers etc. based on geographical proximity and mineral endowment of rare metals and gemstone pegmatites (whose belt trend from Wamba, near Jos, in North Central Nigeria to Ago-Iwoye area in the southwest, Oyo State) or access to complementary expertise to promote efficiency and increase specialization and production.”

“Some of the notable envisaged outcomes from the International Gemstone Market include but are not limited to the following: 

Creation of over 20,000 jobs along the gemstone mining value chain in South-Western Zone cluster; Improved revenue generation from ASM subsector for both operators and government.” 

Oyo State Governor Engineer Seyi Makinde opened the project while being represented by the Commissioner for Energy and Mineral Resources, Mr. Seun Ashamu, and he praised the federal government for the effort.

According to Governor Makinde, his administration has chosen the solid minerals industry to expand the economy between 2023 and 2027 as part of the Omitutun 2.0 sustainability agenda.

The state’s governor urged residents and other participants in the state’s diamond industry to abide by the regulations.

The acting president of the Miners Association of Nigeria, Musa Mohammed, spoke via the secretary, Dele Ayanleke, in a message in which he praised the efforts made by several federal governments in the mining sector and pleaded for assistance in facilitating equipment leasing for members at various operation clusters.

Dr. Oluwatoyin Akinlade, the Permanent Secretary of the Ministry of Mines and Steel Development, had previously hinted that the project was a component of the government’s response to the COVID-19 pandemic in order to strengthen the value-chain of the Minerals and Metals Sector and to mitigate the pandemic’s effects on our artisanal and small miners in the nation.

The minister’s distribution of mining equipment to mining cooperatives by Mr. Olamilekan Adegbite was the ceremony’s high point.

(FRCN)