PwC gears up for the Nigeria Mining Week this October

10 September 2019 2 min. read

As PwC prepares to host the Nigeria Mining Week in October, Head of Advisory and Mining Sector Leader at the firm Cyril Azobu has stressed the importance of collaboration to take the mining sector into its next phase of evolution. Azobu spoke exclusively to the Mining Review Africa. 

Mining operations across the globe took a hit in the last half a decade, when commodity prices plummeted. Revenues and market capitalisation alike went into a nosedive, leaving a long and strenuous recovery process ahead of the sector. According to Azobu, there are challenges galore.

The sudden fluctuation in commodity prices has painted mining as being a high-risk sector, leaving many investors weary of funding major mining projects. As a result, the sector is suffering from a major deficit in funding, although the Nigeria has recently reinstated the Solid Minerals Development Fund (SMDF) to cover this gap.

Cyril Azobu, Head of Advisory - PwC

However, the effects of the SMDF have been slow to permeate the sector. Meanwhile, the country has been relatively slow to embrace the concept of a digital mine, which would enable the use of data and help propel the mining sector back into growth. On the other hand, work is ongoing to solve these issues. 

Investment in automation, although slow, has begun amongst the larger companies, while the overall regulatory environment surrounding mining has become more supportive. PwC's Cyril Azobu points to a number of regulatory moves taken in Nigeria, which include the establishment of the Nigerian Institute of Mining and Geo-sciences, and Federal Government’s Roadmap for the Development of Nigeria’s Industrial Minerals.

Azobu looks forward to taking these efforts further at the upcoming event. “We’re pleased to put together another insightful and engaging conference this October in Abuja which will bring together critical stakeholders to rub minds and share ideas towards evolving a more profitable solid minerals sector in Nigeria,” he said.

“As has been the trend, the gathering will feature a packed and exciting programme to be driven by subject matter experts, policy makers, thought leaders and entrepreneurs active in the sector both locally and abroad.The topics for the speakers and panel session have been carefully selected to ensure the conference addresses the trending issues in the sector and adds value to participants,” he added.