Given Nigeria’s historical reliance on oil, the mining industry has historically contributed very little to the nation’s GDP. Recent data, however, indicates that mining is gradually emerging as a crucial element of Nigeria’s plan for economic diversification. The National Bureau of Statistics (NBS) reports that in 2021, the mining industry made for around 0.33% of
President of the Miners Association of Nigeria (MAN), Dele Ayanleke has urged the government to implement robust value addition policies and harness the full potential of Nigeria’s mining sector for employment creation and economic diversification. Ayanleke said the narrative that mining contributes less than one percent to GDP is changing. “There are a lot of
The Federal Government of Nigeria has unveiled a landmark mining investment deal worth $1.3 billion, which is expected to significantly boost the nation’s Gross Domestic Product (GDP) by up to $25 billion and generate $8 billion in foreign exchange earnings over its lifecycle. Minister of Solid Minerals Development, Dele Alake, made the announcement on Thursday
Exploring the growth of the mining sector will usher in Economic development and see the end to what is now the predicted dwindling boom of the oil gas sector. The Nigerian government has made several efforts to ensure that the mining sector reaches its peak and propels the Nations Economic development plans. If this is
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
As legislators draft legislation to establish the new state-backed company to wean the West African nation off of its reliance on oil, the minister stated on Tuesday that Nigeria intends to offer investors at least a 75% stake in a proposed solid minerals corporation. Neglect and inadequate incentives have made it difficult for Africa’s largest
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