About ACCandE

Introduction

In many states in Nigeria natural and solid minerals mining, exploration and production constitute an integral part of their economies, promote economic growth and plays a huge role in being a major foreign exchange earner. Nigeria is endowed with abundant mineral resources which could be harnessed for its development. This mineral deposits were formed at different stages in the geological evolution of Nigeria. Sadly despite this mineral endowment, the nation's mineral sector over the years has failed to meet the expectations of driving economic growth, create wealth, generate employment to the teaming youths, women, fathers, mothers and households resident in Nigeria. There is no platform, strategy or structures in which the Nigerian people participate in the business and ownership of these minerals and the wealth it brings.

The Nigerian government commitment to Nigerian/local content development in the Nigerian oil and gas industry was predicated on the low participation of Nigerians in the nation's oil and gas industry since the discovery of hydrocarbon in commercial quantities in the country. The annual estimates showed that Nigerian operators, contractors and service providers obtained only 5% of the total budgetary expenditure of about $8billion dollars since early 2000 hence the gradual planning, stakeholder's input and the passage of the Nigeria Oil and Gas Industry Content Development Bill 201 0 into law.

Mica Equity Allocation in Collaboration with Federal Ministry of Solid Minerals Development partner  to organize a 3 day conference on the aforementioned subject matter to sensitize Nigerians, foreign and indigenous operators, contractors, service providers, legal and illegal miners, big and small time miners, artisanal miners, financiers, host communities and impacted areas, youths, women, households and the overall stakeholders in both the oil and gas as well as solid minerals industry. This will educate them on the opportunities in the said industry, sensitize them on how to pool their strength and expertise together to partake in the business of minerals resources, it will also inform them on the funding opportunities available to them as well as teach them on how to engage, partner or collaborate with the investors operating or mining in their domain. This will contribute immensely to peace in Nigeria and grant the companies opportunities to do their business in a secured environment, it will help the illegal operators and miners organize themselves to operate in a corporate and regulated environment. It will help them access various funding opportunities available to them including the Federal Government interventions.

These funding agencies of the Federal Government include the Central Bank of Nigeria (CBN) with the 250 Billion Naira Gas Intervention Fund, Bank of Industry (BOI) Nigerian Content Development and Monitoring Board (NCDMB) responsible for the provision of the Nigerian content intervention fund, a proportion of the Nigerian Content Development Fund (NCDF) which is a function of section 104 subsection 1,2 and 3 designed to provide indigenous operators, contractors and service providers with grants, loans and working capital to build Oil and Gas Infrastructure and execute contract awards. The fund is said to be currently in excess of $3 billion USD and most importantly the Ministry of Solid Minerals/Solid Mineral Development Board responsible for the provision of the Solid Minerals Development Funds (SMDF) which is in hundreds of millions of dollars designed for small scale miners and artisans in Nigeria. Others include but not limited to Africa Finance Corporation (AFC) and African Development Bank (ADB).