The Federal Executive Council on Wednesday approved a new roadmap for the growth and development of the nation’s mining sector and the renaming of the Federal Ministry of Solid Minerals.

The ministry will now be known as Federal Ministry of Mines and Steel Development.

The Minister of Mines and Steel Development, Dr Kayode Fayemi, disclosed this when he addressed State House correspondents on the outcome of the Federal Executive Council (FEC) meeting, which was presided over by President Muhammadu Buhari.

According to the Minister, the new roadmap, seeks to grow the contribution of mining to the Gross Domestic Products (GDP) in line with the Federal Government’s determination to further diversify the nation’s economy and create job.

Dr Fayemi highlighted some key components of the new roadmap during the briefing. This include the establishment of an independent regulatory agency for the mining industry as being canvassed by the operators in the mining sector.

He said: “What it seeks to do is to grow the contribution of mining to the GDP (Gross Domestic Product) in line with the president’s vision to diversify our revenue base in the country, stressing the place of agriculture and mining in that.

“What distinguishes this roadmap, which builds on the old roadmap that was approved by the council in 2012, is its determination to set up an independent regulatory agency, which investors have been insisting on that the ministry which has been serving as facilitator should also not be the one that regulate them,’’ he added.

The Minister also stated that the Inspectorate, Environmental Compliance and the Artisans and Small Scale units of the ministry would form part of the regulatory agency.

He said the new roadmap also emphasises partnership between the federal and state governments and would address the misunderstanding and conflicts between the Federal Ministry of Mines and Steel Development and states’ Ministries for Mines.

Explaining the rationale behind the change in the ministry’s name to Ministry of Mines and Steel Development, Fayemi said it was in line with global best practices.

He explain further that the new name, which demonstrates the country’s desire to be known as a mining nation (and not just a mineral rich nation) was the preferred choice of the different stakeholders in the sector while working on the roadmap.