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Mining revenue hits N7.8bn in 2021

By Ernest Nzor, Abuja
06 December 2022   |   8:33 am
Ministry of Mines and Steel Development (MMSD), on Monday, said that the ministry has achieved a major improvement in revenue generation from N5.4 billion in 2020 to N7.8 billion in 2021.

Ministry of Mines and Steel Development (MMSD), on Monday, said that the ministry has achieved a major improvement in revenue generation from N5.4 billion in 2020 to N7.8 billion in 2021.

Dr Oluwatoyin Akinlade, Permanent Secretary in the Ministry, disclosed this in Abuja, during the 2022 Edition of the National Council on Mining and Mineral Resources Development (NCMMRD), with the theme; “Realigning The Minerals & Metals Industry To Address The Impacts Of The COVID-19 Pandemic.”

Akinlade said: “I am pleased to announce that we have achieved some significant milestones in many areas since the previous Council which are geared towards realizing the mandate of the President Muhammadu Buhari administration on the Economic Diversification Agenda. These milestones will be presented in detail in the course of this Council

“Meeting. But it is pertinent to mention at this point that the Ministry of Mines and Steel Development was the only MDA that met its revenue target in 2020, the year following the last council meeting.

“In the heat of the COVID-19 pandemic, while the palliative funds were being deployed to other uses in most MDAs, this Ministry embarked upon what is known as Economic Sustainability Projects in each of the six geopolitical zones of the country to stimulate economic activities that will create sustainable wealth for our people.

“Increase in revenue generation from N5.4 billion in 2020 to N7.8 billion in 2021 which surpassed the projections for the period. Improved rating of the Ministry in the Anti-corruption and Transparency compliance index from 26.50% in 2020 to 76.6% in 2021.”

In his remarks, the Director, of Planning Research and Statistics, MMSD, Mr Ken Onwubiko, noted that the theme of the event aimed at enhancing and promoting local production of metals as substitutes for imports.

He said: “Synergy in mining governance among the 3-tiers of government. A panacea for economic growth and diversification, provision of infrastructure as a tool for rapid development of the minerals and metals sector in Nigeria.”

However, the Acting National President, of the Miners Association of Nigeria (MAN), Musa Muhammad, seek to recalibrate innovative PPP arrangements and opportunities through public and private Investments that will make the mining sector more resilient by balancing feasibility and risk, building optionality to ensure the mining sector’s survival through different scenarios.

He said: “The 2022 Edition of the National Council on Mining and Mineral Resources Development (NCMMRD) has present the opportunity to coalesce, coordinate and increase participation through a coordinated, public-facing “storefront” for mining expertise serving as a matching platform that can connect private sector, NGOs and academics, venture capitalist, research institutions with industry and government stakeholders as well as with other mining ecosystem stakeholders.