Babalola Urges Nigeria To Be Investment-friendly To Harness Its Mineral Resources
By Emmanuel Kehinde
A former acting Managing Director of Belemaoil Nigeria Limited, Engineer Sunday Adebayo Babalola, says Nigeria has many untapped and unharnessed mineral resources, yet the country is financially challenged.
He stated that such anomaly was surprising and called for concerted efforts by all stakeholders to remedy the situation.
Babalola who currently, is Director of All Grace Energy, in an interview called on the government to make the country investment friendly.
He said, “It is surprising that Nigeria has many untapped and unharnessed mineral resources, yet the country is financially challenged. We have had Solid Mineral Ministries. Many Ministers and regimes have come and gone and they did nothing. Again, a lot of things will come into play. Even if you have it, can you raise the money to do it? Who wants to bring his money to Nigeria? Can you go to the Money Market and raise the money? It is a tough thing.
“We are not facing the reality of who we are in Nigeria. And we need to do is to look inward and start doing things by ourselves. Everything is still dependent on external people. Many people have been awarded many of those solid mineral assets and nothing has been done. I know so many companies that were awarded those mineral resources development rights and they have achieved nothing up till today. It is still the same problem that is affecting the oil industry that is affecting the solid minerals sector.:
“The country should be investment-friendly like we were in the 1960s when the big oil companies were fighting themselves to invest in the country. To be investment-friendly means that the socio-political situation should be right.
“Many people are waiting to see what happens during the forthcoming elections before they can bring their money into the country,” he said.
Edited by Felix Ajide
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