FG Targets Mining Sector to Boost Economy

Minister of Mines and Steel Development, Mr. Olamilekan Adegbite

The Federal Government has disclosed plans to improve the mining sector in order to attract more investment.

The Minister of Mines and Steel, Arch. Olamilekan Adegbite made this known during a Webinar organised by Nigerian Global Business Forum in collaboration with the Nigerian British Business Forum.

The Webinar themed: “Invest Nigeria: Opportunities, Guidelines and Incentives”, explored different options of protecting the economy during and post COVID-19.

According to Adegbite, the federal government is putting resources together to revive the mining sector, which, he said had been neglected by previous administrations.

He noted that the present government aimed to increase the sector’s contribution to the nation’s Gross Domestic Product by at least three per cent.

He disclosed that the government was in talks with United Kingdom and other advanced countries to harness investment opportunities in the sector.

“Nigeria is endowed with 44 mineral resources, including: “Coal, iron ore, gold, bitumen and lime stone, amongst others which if well-managed, will bring rapid development to the country.

“The mining sector boasts of opportunities that would bring multiple jobs and increase government revenues through earnings. We are seriously targeting the sector to contribute as much as 5.6% to the national GDP.”

Also a participant at the Webinar, Chief Executive Officer of Nigeria Export Promotion Council (NEPC), Olusegun Awolowo, wants Nigeria to simplify access to its visa so as to facilitate trade service.

He said, “NEPC has devised the Nigeria Diaspora export programme (NDEX) to increase non-oil exports. NDEX has three components which include: Nigeria heritage city, Nigeria cuisine beyond border and Diaspora export of non-oil products.

“Several Nigeria processional services are patterned after the U.K. This means that there are similarities for the two countries to engage in mutual recognition agreement for certain professional service.

The Chief Executive Officer/Executive Secretary of Nigerian Investment Promotion Commission (NIPC), Ms Yewande Sadiku, reiterated the objectives of the commission to promote Nigeria as one of the top five investment destination.

She added that NIPC is pulling all stops to promoting information on investment opportunities and capital source.

The moderator of the session and publisher of FIN Magazine, Mrs Yinka Fayomi, thanked the federal government for making business environment attractive to investors by providing opportunities and incentives.

She, however, added that government could do better to attract profitable investment into the country.