Nigeria can earn N37tr from mining, says Silicon boss

Executive Managing Director, Silicon Valley Nigeria Economic Development Mining Company Limited (SV-NED Mining Company Ltd), Captain Dada Olaniyi Labinjo, has said Nigeria can earn over N37 trillion yearly from mining if well harnessed and developed.

He stated that SV-NED Mining Company Ltd was poised to play a prominent role in the development of the mining sector in the country.

Labinjo, who is also the executive board member of the company, spoke to journalists on Monday on the sidelines when the management of the company visited the Onigbeti of Igbetiland, Oyo State, Bashir Olalekan Abioye (Siyanbola 1), and the Seriki of Igbetiland, Oyo State, Chief Emmanuel Ayodele Adediran.

The company’s management paid the visit to intimate them with the activities of the company in their domain.

He said: “Mining can significantly boost the economy of Nigeria in several ways. It can do that through job creation and employment. Mining activities can create thousands of jobs, both directly and indirectly, for Nigerians in various fields, including geology, engineering, and environmental management.

“It can boost revenue generation, as Nigeria can earn over N37 trillion yearly from mining if it is well developed. Mining can generate significant revenue for the Nigerian government through taxes, royalties, and fees. This revenue can be used to fund infrastructure development, social programmes, and other economic initiatives. It can increase government revenue through taxes, as mining companies are subject to various taxes, including company income tax, value-added tax, and withholding tax. These taxes can increase government revenue.”

Chairman, SV-NED, Chief Ambassador Temitope Amina Labinjo-Ajayi, in a statement, commended President Bola Tinubu on his Renewed Hope Agenda, adding that the government’s efforts would transform Nigeria positively.

She said mining could lead to economic diversification and noted that Nigeria’s economy was heavily reliant on oil exports, adding that mining could help to diversify the economy, reducing dependence on oil and promoting economic stability.

Labinjo-Ajayi said: “Mining can generate foreign exchange earnings for Nigeria through the export of minerals, helping to stabilise the country’s currency and improve its balance of payments.

“It can also promote local content development by encouraging the use of local goods and services, such as equipment, supplies, and expertise. Responsible mining practices can promote environmental sustainability, including rehabilitation and reclamation of mined lands, and reducing the environmental impacts of mining activities.”

Adediran, while expressing happiness over the coming of the company to Igbetiland, said its activities would promote economic development, skill acquisition, and infrastructural development of the area, improving the living standard and quality of life of the people.