On 1st April 2015, General Muhammadu Buhari (rtd) was declared the winner of the presidential elections and announced as the president-elect of Nigeria. The announcement of General Buhari as the president-elect is widely regarded as the much needed catalyst for a change in the Nigerian economy.
Mining in Nigeria and a renewed focus on the same is clearly a priority for the president-elect who has been recorded as stating during his campaigns, that his administration seeks to further diversify the economy and explore viable means of creating national wealth through mining amongst other means. At one of such campaigns which was focused on meeting the business community in Lagos, he made it clear that mining would be at the top of the agenda of his government. Similarly, at a rally held in Southern Nigeria, General Buhari reiterated his goal to develop the Nigerian mining industry and address the unemployment of Nigerian youths, when he said, “we are banking on huge coal deposits located at Amasiodo, Inyi and Leje axis of Enugu Coal belt. We are going to award contracts for mining and construction of coal-fired power plant…” These statements signify a deliberate political will for the development of the Nigerian mining industry.
Stakeholders and would be investors should expect positive changes in the industry under the new government as it is expected that General Buhari will keep to his campaign promises. In keeping to his promises, it can be expected that the new government will amongst other things, build on existing fiscal incentives granted to the industry and address the challenges facing the
industry which include lack of adequate infrastructure to ensure that indeed, the Nigerian mining industry reaches its full potential.
As Nigeria awaits the inauguration of General Muhammadu Buhari (rtd) as its fourth democratically elected president on 29th May, 2015, it is hoped that a new dawn will indeed arise and that Nigeria will take her place amongst the international mining community.
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