FG plans alternative revenue generation from mines and steel

Poised to diversify the national revenue base, the Federal Government has revealed its intention to pursue measures that will culminate in additional revenue from the mines and steel sector.Diezani Madueke, minister of mines and steel development, while making this known at a meeting with officials of NICON Insurance plc in Abuja, noted that this thrust is to be pursued within a 5-year time frame.
Madueke stated: “We are hoping that, over the next four and a half to five years, we will create a major income revenue scheme from the mines and steel sector for this country. It is timely because this is the period in which the Ministry is working aggressively and robustly at rebuilding the projects and programmes of the mines and steel sector. This is one of the non – oil group areas which can actually create an alternate revenue-generating stream for Nigeria.”  
She explained that there are lots of major projects, such as the exploration and exploitation of bitumen, the coal to power project and the mining of a host of mineral resources such as gold, gemstones that could be pursued by credible major investors. 
The minister charged NICON Insurance plc to develop a strategic framework for credible major investors to access the various insurance packages that are marketed by it.  
Earlier in her address, Catherine Okpareke, group managing director, NICON Insurance plc, said that the purpose of their visit was to seek more collaboration with the ministry and its parastatals for the development of insurance products for the mining sector. 
She added that there was a lukewarm attitude from the public towards carrying out appropriate insurance

                                                                                          

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