Nigeria targets $27b revenue from solid mineral by 2025
By 2025, the Nigerian government projects to raise the solid minerals sector Gross National Productivity (GDP) from its current 0.3 per cent, or in monetary value of N400b annually, to 10 per cent, representing a whopping $27b, arising from export proceeds and local consumption of mineral products from the sector, including indirect derivatives of activities in the sector.
That is the vision of the new six-chapter Road Map Policy, approved by the Federal Executive Council (FEC).
Solid Minerals revenue generation states have equally been approved to benefit from 13 per cent revenue generation to the Federation Account to encourage mineral exploration as part of economic diversification.
Already, an implementation committee to drive the roadmap, and implement the framework to deliver the short, medium and long-term plans of the plan is in place.
Speaking on the plan, Minister of Solid Minerals Development, Dr. Kayode Fayemi, said: “We expect that the roadmap committee, ably co-chaired by professors Ibrahim Garba, and Siyan Malomo, and duly served by their esteemed members, will continue to provide the critical advisory support we need going forward. The new team – the Mining Implementation and Strategy Team (MIST) – will focus on ensuring that the key policy, regulatory, technical, environmental and capacity choices necessary to revive and drive investment growth in mining will be taken without fail.”
He added that should Nigeria successfully implement the proposed recommendations, growth is expected to return to the sector in the form of new exploration activities, operations and production from active mining, functional (and expanded) processing and refining capacity as well as higher value-addition in exports.
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