In pursuit of diversifying Nigeria’s economy, the Buhari’s government has shown its commitment to the exploitation of solid minerals by setting up a committee comprising of State governors to collaborate with the Federal Ministry of Mines and Steel Development.

The plan behind the government’s action is to increase non-oil revenue by 30 per cent; given the sizeable mineral deposits in the country, Nigeria has the potential to be a market leader in the mining sector and it is envisaged that this transformation would creates 1,000 direct jobs, 3,000 indirect jobs and 10,000 semi-skilled and unskilled labour thereby reducing the dependence on crude oil.

How does the government committee intend to integrate this plan? By coming up with a strategic plan on how issues and challenges regarding the roles of State governments and the mining communities can be properly addressed in such a way as the IGR being generated in such places can be drastically improved.

The mining sector gained some momentum only last month when President Buhari visited Russia and signed a deal for the completion of Ajaokuta in Sochi. Let me say a thing or two about Ajaokuta. Forty years ago, Ajaokuta was 98 per cent complete but for some unexplainable reasons, the mining company has remained at 98 per cent even with billions spent to service a company that doesn’t function.

With Ajaokuta almost on track, Nigeria can produce 5bn metric tonnes of steel annually, provide raw materials essential to every sector of our economy and helps to stimulate economic growth. In USA, the mining industry supports more than 1.1 million jobs. Metal mining is one of the highest paying in the private sector as it is estimated that every metal mining job generates 3.5 additional jobs elsewhere in the economy, and every non-metal mining job generates 2.6 additional jobs.

With over 400,000 Americans directly employed through minerals mining today, and more than 700,000 indirectly employed, the industry is putting hundreds of thousands of people with diverse backgrounds and interests to work. Mining has added more than $3.02 trillion to the U.S. economy, which is more than 14 per cent of the country’s GDP.

Going by the current economic blueprint, the Federal Government envisages to grow the solid minerals sector’s Gross Domestic Products (GDP) to N141 billion at an average annual growth of 8.54 percent between 2017-2020. The First Quarter GDP report for 2018 released by the National Bureau of Statistics, NBS, reveal that mining and quarrying sector grew by 14.85% from 10.7% in Q4 2017, and 22.64% in Q3 2017.

An approval was made for a N30billion financial intervention for prioritized exploitation of eight strategic minerals of vital importance to the economy, i.e. coal, bitumen, iron ore, barites, gold, columbite, uranium and lead/zinc which are available in adequate qualities to sustain mining activities.

Gold reserves in Nigeria remain unchanged at 21.46 Tonnes in the first quarter of 2019. Gold reserves in Nigeria averaged 21.38 Tonnes from 2000 until 2019, reaching an all time high of 21.50 Tonnes in the third quarter of 2019, There are no large-scale gold mining operations in Nigeria currently even as abundant gold deposits exists in Nigeria towns of; Anka, Maru, Malele, Tsohon, Osun, Birnin, Gwari-Kwaga, Bin Yauri, Gurmana and Iperindo.

Uranium deposits abound in Adamawa, Plateau, Taraba, Cross River, Kano and Bauchi States. The existing uranium mining assets are being liquidated same applies for Bitumen, wolframites, tantalite, and columbite as only small scale mining is carried out on this minerals.

The Nigerian mining sector is undoubtedly progressing and there are yet many scopes of intervention required of the Federal Government in order to address the operational and legal hurdles to boosting investor confidence, while increasing investment towards promoting Nigeria as a preferred mining destination.

By Solagberu Mustapha Olatunji

story for the Gods... if you don't care like me gather here

All will be looted by Nigerian politicians , I can authoritatively say I'm not benefiting anything from Nigeria because I provide everything I need by myself.

The country is blessed with wicked leaders and citizens.

waw!!

juvewalex:
All will be looted by Nigerian politicians , I can authoritatively say I'm not benefiting anything from Nigeria because I provide everything I need by myself. [/i][/i][i][i][/i]

The country is blessed with wicked leaders and citizens.

you provided everything by yourself? seriously.