Nigeria Economy | |
Nigeria Economy | |
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Sunday, June 21, 2020 / 10.00AM / Ottoabasi Abasiekong for WebTV / Header Image Credit: Timileyin Adesina
The Federal Government of Nigeria is targeting a 5% contribution from
mining to the Gross Domestic Product of the nation by year 2025.
This was disclosed by the Minister of Mines and Steel Development, Architect Olamilekan Adegbite at a webinar
organized by the Nigeria-British Chamber of Commerce.
Architect Adegbite who was the keynote speaker said Nigeria is a nation rich in resources, with about 44
different types of solid minerals located in 500 locations across the country.
According to him with the oil price shocks and effects of COVID 19
pandemic hitting Nigeria as a nation, solid minerals provided an avenue for
diversifying the nation's revenue.
Speaking further he stressed that under the strategy of the Ministry and
Federal Government, 7 minerals has been designated as key drivers of the mining
agenda of the country and they include; Coal, Gold, Iron Ore, Bitumen,
Limestone, Lead Zinc and Bauxite.
Giving further insight he said Bitumen for example which Nigeria has
huge reserves in can be deployed for road construction and deepening the
infrastructure base of the economy.
He added that some key minerals that will also
be considered by the Ministry of Mines and Steel
Development are Lithium and Cobalt for industrialization and development of
areas like aerospace, telecommunications and electric vehicle manufacturing.
The Minister also outlined some of the current reforms embarked on by the Ministry, which include:
Looking
at the Gold segment which the Minister said it had become a priority for the
government, with K & Smith and Dukia licensed as refineries for the precious
mineral in the country.
He
also highlighted the mineral economic corridor plan of the government which is
designed to leverage a robust transport infrastructure for the ease of
movement for solid minerals across the country.
In
his opening remarks, the President of the NBCC, Mr. Kayode Falowo said the
webinar was an opportunity to gain insight into the reforms and activities of
the Ministry of Mines and Steel Development.
Mr
Falowo believed if well harnessed and utilized, the mining industry can create
more jobs and increase revenue for the government.
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