The Nigeria Gemstone and Jewellery Expo has begun in Ibadan, Oyo State, focusing on exploring opportunities for sustainable development and investment in the gemstone sector.
The Gemstone Miners and Marketers Association of Nigeria (GMMAN) President, Mr Adeniran Ajibade, in an interview with the News Agency of Nigeria, explained that the conference would bring together industry players, policymakers, international dealers, private operators along the gemstone value chain and other stakeholders to discuss funding opportunities aimed at developing the sector.
According to him, the conference theme, “Financing Sustainable Practices in Gemstone Mining and Processing, Jewellery Production and Marketing”, is designed to chart a roadmap for the sustainable development of Nigeria’s gemstone industry.
“The Nigerian gemstone industry has a lot of potential because the country is endowed with a wide variety of quality gemstones. At present, we are still at the early stages of development, but we need to move the process forward.
“We need to produce more, process more, add more value and export, while also encouraging increased usage of gemstones within Nigeria,” he said.
Ajibade noted that the government, as regulator of the mining sector, has already provided a roadmap for industry growth, which operators such as GMMAN have aligned with.
He stressed that their engagements with the government were geared towards ensuring the creation of an enabling environment that will drive private-sector participation and investment.
Major Challenge
According to him, financing is a major challenge in the sector, a challenge that is not peculiar to the gemstone industry but rather reflects the broader Nigerian business environment.
“The conference will therefore look at innovative ways to source funding and provide support along the value chain,” he said
Ajibade described funding for mining as high risk but said the risk for funding trading and processing, including value addition, could be lower.
“We have invited some key players who have actually succeeded in sourcing finances for their mining project to share their experience with us,“ he said.
The conference will take place from 25 to 27 August at the University of Ibadan International Conference Centre, Oyo State, South west Nigeria.
Key topics for discussion include government policy and Support for Investment in the Mining and gemstone industry, controlled blasting techniques for Safe and Efficient Mining of gemstones and Unlocking the Potentials of the jewellery industry.
NAN/Shakirat Sadiq