Expert recommends solid mineral exploration to address revenue shortage
By Aluta News
Mr Abdulsalam Zaura, an international businessman has recommended a shift of focus from oil and gas sector to solid minerals exploration to address revenue shortage in the country.
Zaura who made the recommendation in an interview with newsmen in Abuja, called on the Federal Government to replicate the attention given to oil and gas in solid minerals for speedy economic lift.
The Kano-born business tycoon with investments in renewable energy, oil and gas, real estate and financial management said that the abundant solid minerals in the country had the potential to turn the economy around if fully tapped.
He decried Nigeria’s failure to diversify the economy over the years, expressing confidence in President Bola Tinubu to change the narrative.
“We are solely dependent on oil, there are lots of resources that will equally give us a large amount of income if we diversify into them.
“Simply because we are used to it or we tend to depend on oil and because it has been our main source of income, we tend not to focus or to give our attention to those resources.
“For instance, if you take gold, how much is a gram of gold, you can never compare a gram of gold to a barrel of oil.
“The gold is definitely higher which means if we can shift our focus to mining of mineral resources, the mineral deposits which we have in Zamfara and Niger state, where we have a large deposit of gold, it means we will create more income and revenue for the country.
“But I have no idea why that is not happening, I have no idea why government attention is not focused on those areas or on mining.
“But with the current administration, I see President Bola Tinubu is giving more attention to the area of mineral resources and mining, giving support to the Ministry of Solid Minerals.
“I think something positive or something big is coming to the area of mining and to the Ministry of Solid Minerals. If the government will focus on that, I can tell you that our income will be amazing,’’ he said.
Zaura said that the removal of subsidy on Premium Motor Spirit (PMS) is a blessing to the country as it was not benefitting the masses but a powerful few.
He said that some of the challenges being faced by the citizens are temporary, saying that they are handiwork of those benefiting from the subsidy regime.
The oil and gas stakeholder said that the queues seen in some fuel stations are a result of panic buying saying that there won’t be fuel scarcity during the yuletide.
Zaura, who also has investments in aviation, land transport, rentals, commodity trading and solid minerals, advised the government to open a gateway to allow for more investments in solid minerals.
“ My advice to the Federal Government is simple, open a gateway where investors will come and invest more in solid minerals, before doing that, the government should focus more and give more attention to solid mineral exploration.
“Before that is done, those areas where the mineral deposits are should be secured, ensuring investors are comfortable and feel secure to come and invest.
“Those are the parameters that the government should look at, I am sure that if that is done, we will see the difference,’’ he said.
Zaura advised Nigerian youths interested in growing wealth to be patient, avoid sharp practices, be ready to start small and humbly learn the ropes to become wealthy.
The 46year old said he began business in 2003 and that it took him two decades to become an owner of multiple businesses locally and internationally.
“ You do not just wake up and become a millionaire overnight, there are processes to go; anybody that wants to go faster than his speed would fall.
“Go gentle, be yourself and work hard, you will make it; there is nothing you can make overnight, this is why there is a saying that nothing good comes easy.
“If a young person wants to make it, there is always a process, go legitimately and do something that will build you tomorrow,’’ he said.