The Minister of Solid Minerals Development, Dele Alake, has made a commitment to increase the mining sector’s contribution to Nigeria’s Gross Domestic Product (GDP).
This announcement was made on Monday during a meeting with a delegation from the Miners Association of Nigeria, led by its National President, Mr. Dele Ayanleke.
Alake emphasized that Nigeria’s economic diversification agenda would be achieved by harnessing the revenue potential of minerals.
“Nigeria has been reliant on a mono-cultural economy for far too long. It is high time we shifted our focus to the solid minerals sector. Our vision is to make solid minerals a source of pride and a significant contributor to Nigeria’s GDP.
“We will diversify from oil and exploit the potential of the mining sector for the survival and prosperity of Nigeria,” he affirmed.
Nigeria possesses vast deposits of minerals, including gold, lead, zinc, coal, bitumen, iron ore, limestone, barite, and others, as reported by Media Talk Africa. However, according to a PwC report from August 2023, the country’s mining sector contributed a mere 0.15 per cent to the GDP by the end of the second quarter.
Nevertheless, the government aims to increase the sector’s contribution to GDP to 3 per cent by 2025, in line with the country’s mining roadmap.
