Federal Government targets 3% GDP from minerals by 2025

The Minister of Mines and Steel Development, Olamilekan Adegbite, has said the government is looking towards increasing its contribution to the national gross domestic product (GDP) by three per cent in 2025.

Speaking at a Conference in United Kingdom, he explained that the government has recognised mining as a strategic income, and so currently reforming the sector to fast track national growth.

The Minister added, “Nigeria’s mineral and mining potential would be harnessed, and incentives put in place to make mining more attractive to both foreign and local investors.

Adegbite opined that as an oil producing country, Nigeria should serve as a hub for investments, but has been an unwilling victim of the oil mineral curse that created a huge gap in solid minerals.

According to him, there are serious challenges that caused stagnation in the Minerals industry, saying, “we must re-enact the policies, when the sector contributed as much as 5.6 per cent in 1980 to the national GDP.”

“Our focus is now on de-risking the sector, by the provision of more up-to-date and comprehensive data on mineral occurrences in Nigeria, and enabling a more investor/friendly environment through favorable incentives.”

Adegbite also said the Ministry has achieved some milestones, which could prompt other countries as well as the larger mining world to be part of the exploration and mining revolution in Nigeria.

He added that gold discovery by Segilola Resources Limited/Thor Explorations Limited, in the Southwest of Nigeria, established a proven reserve of one million ounces of gold.