The Minister of Mines and Steel Development, Arc Olamilekan Adegbite, has highlighted reforms in the mining sector aimed at fast-tracking national growth.
The Minister, who was the chief host at a conference in United Kingdom titled, “Nigeria Beyond Oil” seized the opportunity to showcase Nigeria’s mineral and mining potentials and the incentives put in place to make mining more attractive for investors.
“President Muhammadu Buhari’s Administration met serious challenges in the mining sector occasioned by long neglect. It was apparent that we must re-enact the ‘Nigeria before oil’ policies, when the sector contributed as much as 5.6% in 1980 to the national GDP’’, Adegbite said.
The Minister said the present administration recognises mining as a strategic income stream in the face of dwindling oil revenue and look towards increasing its contribution to the national GDP by 3% in the year 2025.
He assured participants at the conference that Nigerian government is determined to protect direct foreign investments as indicated in the Nigerian Mineral and Mining Act 2007.
He said: “Our focus is now on de-risking the sector, by the provision of more up-to-date and comprehensive data on mineral occurrences in Nigeria and enabling a more investor-friendly environment through favorable incentives”.