FG Plans To Make Mining Sector Worth $27 Billion
The Minister of State for Mines and Steel Development, Gbemisola Saraki, says the vision of the ministry is to make mining a $27 billion industry attractive to foreign investors.
Ms Saraki said this on Wednesday in Abuja at the Nigerian Society of Mining Engineers’ 21st annual general meeting.
“Our confidence in the realisation of the above vision is predicated on Nigeria’s position as one of the largest economies in Africa. With a gross domestic product (GDP) of $514.05, a population of over 213 million people, over 57 per cent economically active population is endowed with over 44 different minerals resources in commercial quantities,” she said.
The minister further stated that the expectation of President Muhammadu Buhari from the ministry included diversification of the economy with a target of a five per cent contribution to GDP, creating an industry worth $27 billion.
Ms Saraki added that the federal government’s strategic policy direction on mining focused on “streamlining application processes and significantly increasing private sector investment in mining, ensuring orderly and efficient mining of the seven (coal, bitumen, limestone, iron ore, barites, gold and lead/zinc ore and now Lithium)priority minerals in the mining roadmap,” including strengthening collaboration with state governments and relevant security agencies to ensure sustainable security and safety of mining areas.
“There is also (an) expectation of job creation with a target of additional new five million jobs, industrialisation of (the) Nigerian economy with the mineral sector as a major input raw material,” she said.
According to her, the ministry is also expected to achieve the export of value-added minerals, poverty reduction and wealth creation.