Industry experts are urgently calling for comprehensive reforms in Nigeria’s mining sector, as its contribution to the nation’s Gross Domestic Product (GDP) remains alarmingly low, accounting for less than 1 per cent.
During the pre-30th Nigerian Economic Summit (#NES30) webinar, experts highlighted that despite ongoing federal efforts since 2005 to revitalise the mining industry—through the modernisation of policies, laws, and regulations, and investments in geoscience data—the sector’s contribution to the GDP remains negligible, according to the National Bureau of Statistics (2024).
The Nigerian Economic Summit Group (NESG) has previously expressed concern over the sector’s minimal impact on employment, revenue, and exports, alongside significant environmental, social, and economic challenges, underscoring the pressing need for extensive reforms.
In his welcome address, Engr. Mansur Ahmed, Private Sector Co-Chair of the MMPC Steering Committee, underlined the importance of the pre-summit webinar in crafting policy options to unlock the full potential of Nigeria’s economy.
He stated, “There is a critical need to align Nigeria’s mining sector with the African Mining Vision (AMV), a policy framework adopted by the African Union in 2009, which aims to ensure that the continent’s mineral resources contribute significantly to sustainable development.”
In his presentation, Professor Peter Akper underscored the vast untapped potential of Nigeria’s mineral resources, which, if fully harnessed, could greatly enhance GDP, revenue generation, and foreign exchange earnings.
He advocated for “Stronger collaboration between the Federal Ministry of Solid Minerals and the Bureau of Public Enterprises (BPE) to implement structural reforms that could increase GDP by 2.35%, create jobs, diversify government revenue, and attract foreign investments.”
