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The Executive Managing Director, Silicon Valley Nigeria Economic Development Mining Company Limited (SV-NED Mining Company Ltd,) Captain Dada Olaniyi Labinjo, has said that the mining sector if well harnessed and developed can generate N37trillion revenue annually for Nigeria.
He called for the harnessing of the great mining and mineral potential in the country.
He stated that SV-NED Mining Company Ltd, is poised to play a prominent role in the development of the mining sector in the country.
Labinjo, who also is executive board member of the company, spoke to journalists on Monday on the sidelines of the management of the company’s visit to Engineer Bashir Olalekan Abioye (Siyanbola 1) of The Onigbeti of Igbetiland, Oyo State and Chief Emmanuel Ayodele Adediran, the Seriki of Igbetiland Oyo State. The company’s management paid the visit to them on the activities of the company in their domain.
He said: “Mining can significantly boost the economy of Nigeria in several ways. It can do that through job creation and employment. Mining activities can create thousands of jobs, both directly and indirectly, for Nigerians in various fields, including geology, engineering, and environmental management.
“It can boost revenue generation as Nigeria can earn over N37 trillion annually from mining if it is well developed. Mining can generate significant revenue for the Nigerian government through taxes, royalties, and fees. This revenue can be used to fund infrastructure development, social programs, and other economic initiatives. It can increase government revenue through taxes as mining companies are subject to various taxes, including company income tax, value-added tax, and withholding tax. These taxes can increase government revenue.”
He added: “We went to Igbetiland to celebrate with the king on the one year anniversary of his ascension and also used the opportunity to appraise him on our activities in his domain because we have just concluded the exploration of our mining area. We went there to brief him on activities concerning our mining areas and our plan for Igbetiland, assuring him that we are partners in progress for the development of the town and for the empowerment of the youths in particular. We also assured him that we are not abandoning the town and the people. We are partners in progress.
“SV-NED activities will contribute substantially in the employment of the youths, development of our area of mining, and skill empowerment of the youth. It is about building community housing to cater for our staff and the community. Our activities will go, no doubt, a long way in developing not just the area of Igbetiland, it will also contribute to the development of Oyo State and Nigeria at large. We will also pay tax.”
Chairman, SV-NED, Chief Temitope Amina Labinjo-Ajayi in a statement expressed commendation for President Bola Tinubu on his Renewed Hope Agenda, adding that the government’s efforts will transform Nigeria positively.
She stated that mining can lead to economic diversification. She noted that Nigeria’s economy is heavily reliant on oil exports, adding that mining can help diversify the economy, reducing dependence on oil and promoting economic stability.
She also said that it could lead to infrastructure development. She stated that mining activities often require the development of infrastructure, such as roads, bridges, and energy supply systems. She added that this infrastructure can also benefit local communities and other industries.
Labinjo-Ajayi said: “Mining will boost foreign exchange earnings. Mining can generate foreign exchange earnings for Nigeria through the export of minerals, helping to stabilize the country’s currency and improve its balance of payments.
“It can also promote local content development by encouraging the use of local goods and services, such as equipment, supplies, and expertise. Responsible mining practices can promote environmental sustainability, including rehabilitation and reclamation of mined lands, and reducing the environmental impacts of mining activities.
“Mining can stimulate economic growth by attracting investment, promoting economic diversification, and creating jobs. It can improve the living standards of people. The economic benefits of mining can improve living standards for Nigerians by increasing access to education, healthcare, and other essential services.”
She added: “To achieve these benefits, the Nigerian government can develop a comprehensive mining policy and regulatory framework, invest in geological surveys and exploration to identify mineral resources, provide incentives for mining investment, such as tax breaks and infrastructure support, ensure responsible mining practices and environmental sustainability and promote local content development and community engagement.
“By leveraging the potential of mining, Nigeria can unlock significant economic benefits and improve the lives of its citizens.”
Adediran while expressing happiness over the coming of the company to Igbetiland, said its activities will promote economic development, skill acquisition, infrastructural development of the area as well as improve the living standard and quality of lives of the people.
He appealed to the government to provide a University of Agriculture in the area. He stated that the university will harness the agricultural, mining and skill potential in the area for national development.
He also appealed for the renovation of a hospital which he said had been built for over 50 years and still has no medical equipment and other facilities for a hospital.
Adediran while expressing happiness over the coming of the company to Igbetiland, said its activities will promote economic development, skill acquisition, infrastructural development of the area as well as improve the living standard and quality of lives of the people.
He appealed to the government to provide a University of Agriculture in the area. He stated that the university will harness the agricultural, mining and skill potential in the 55 for national development.
He also appealed for the renovation of a hospital which he said had been built for over 50 years and still has no medical equipment and other facilities for a hospital.
Adediran said: “I am happy with President Bola Ahmed. I appreciate all he is doing to make things easy for everyone despite the political differences. Thank you for supporting our governor despite the political differences. Thank you for making a good environment for SV-NED to attract foreign investors.
“I thank SV-NED for coming to invest in my area. We want the government to give us a University of Agriculture. That will help to harness the agricultural and mineral resources in the area, create jobs and enhance the development and well-being of my people. We want them to furnish our hospital to a general hospital. We have had the hospital for over 50 years ago but there are no amenities. So we want it to be renovated.
“I am happy with SV-NED coming to do mining partnership with us. It is going to improve the town.
“We are praying to God that He will enable them to come immediately and start mining operations. We want the company to come as early as possible.”
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