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FG targets N141bn GDP for mining by 2020 -Fayemi.

The Minister of Mines and Steel Development, Dr Kayode Fayemi, on Thursday, stated that the sector remained a critical factor in the implementation of the Economic Recovery and Growth Plan (2017-2020) which projects that the minerals and metals sector would be one of those to drive Nigeria's recovery by growing sectoral contribution to GDP from N103 billion (2015) to N141 billion in 2020, at an average annual growth rate of 8.54 per cent.

He said the ministry would undertake extensive Electromagnetic Airborne Geophysical Survey of promising parts of the country in 2018 with the aim to work with competent consultants to deploy logistical and technical equipment with radiometric, magnetic, electromagnetic and allied capabilities, to capture and provide analysis of the geology of Nigeria, and the mineralization of the areas covered.

Dr Fayemi announced this at the end of the year ministerial briefing held in his office in Abuja.

According to him, 'we are also working towards the completion of the equipping of the NGRL, as well as the completion of our National Mineral Database, and will, in collaboration with the China Geological Surveys conduct an extensive geochemical mapping programme across the country.

'Our reforms which we advanced in 2017 have been targeted at repositioning and de-risking the sector. We are extremely proud of our contributions to the economic recovery we are now witnessing in the country and are geared to do more in 2018 to contribute to building a strong and diversified economy.

'The Nigerian Mining industry holds a promise that we would continue to work hard to deliver. We expect to sustain the growth trajectory we have achieved by stimulating new exploration activities, increased production from active mining, functional (and expanded) processing and refining capacity, and higher value-addition in exports. The net outcome will be the creation of thousands of direct jobs and potentially hundreds of thousands of indirect jobs.

'Notably, one of the key projects we are embarking upon in 2017, in partnership with some state governments and the private sector is a Gold Purchase scheme. The mandate of the scheme will include equipping of the artisanal miners; provision of extension services; and the off-take of all the gold produced by the participants in the scheme. The aim is to facilitate employment creation, poverty reduction, an increase in revenue to the federation account', he added.

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Publication:Nigerian Tribune (Oyo State, Nigeria)
Geographic Code:6NIGR
Date:Dec 21, 2017
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