As the Minister of Solid Minerals, Dr. Kayode Fayemi, has given indication that the Federal Government will soon extend to other solid minerals the backward integration policy on lime stone that transformed Nigeria from a net importer of cement to net exporter in less than 10 years, a geologist at the Obafemi Awolowo University, Ile-Ife, Osun State, Dr. Abraham A. Adepelumi has said that one single company exploring gold in the state netted N2.2 trillion in one year. Adepelumi, who spoke at the first New Telegraph Newspapers Economic Summit, in Lagos, on Thursday, stressed the need for immediate commencement of exploration of the over 44 solid mineral deposits in the country.



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According to him, diversification of the economy into this very rich sector would hasten the rebound of the Nigerian economy which has been stressed by dwindling revenue from oil. Speaking on the topic: “Nigeria Beyond Oil: Opportunities in Solid Mineral Resources”, he said that Nigeria is endowed highly with several minerals that include coal, gold, tantalite, bitumen, galena, sphalerite.

“These minerals have transformed the economic landscape of some countries. These minerals have to be mined in order to contribute significantly to the economy. Nigeria has an enormous amount of solid minerals which can be harnessed for our economic well being.

These minerals have remained untapped over the years. “Nigeria is endowed with the solid mineral sector. We have well over 44 mineral types both on occurrence and deposit scales. Occurrence means you have discovered but not done further works to prove if it is economic or not. So, we have minerals at both scales in over 800 locations in the country.

There are still hundreds of places of these minerals that haven’t been discovered. Of the 44 types, at least 20 are of economic value.” Adepelumi added that the extensive exploration and evaluation of mineral deposits in Nigeria from the colonial time to date by the geological survey of the country, has revealed mineral deposits across the whole nation and has recently been compiled state by state in various researches conducted by experts He said the mineral wealth extraction would lead to job creation, production of raw materials and commodities for trade, and significant revenue for development, if well-managed.

He alluded to one Segilola Gold Limited, a gold exploration company with operational base in Osun State which exports over 620,000 ounces of gold annually which amounts to over N2.2 trillion turnovers as an indication of the amount of money which can accrue to the country from that sector.

Adepelumi added that bearing in mind the fact that gold and several solid minerals deposits abound around Zamfara, Kebbi, Niger, Kwara and Osun axes, immediate exploration of these, coupled with useful rail line as means of transportation will return Nigeria to the good old days of a buoyant economy.http://osun.gov.ng/2016/03/21/osun-firm-nets-n2-2trn-gold/?utm_source=rss&utm_medium=rss&utm_campaign=osun-firm-nets-n2-2trn-gold

Wait

Lord Lugard said the same thing but still no action

for real? and osun is suffering, the company no dey pay tax? rauf, pls sack your commissioner for finance, sorry you no get, recall the last one, sack am and probe am, sack the irs boss too.
how can a firm in your state generates revenue of 2.2tr and you dey der dey sho offa abi na ilorin you dey sho, no how e go bad reach the company profit must reach 1tr, although fg collects company tax, but your tax net should capture some of the company activities.

Where did that money go? N2.2 trillion/year and didn't make the news....

Aregbe sure isn't the only clown in that state. Give name and location of company and mining field.

APC is full of propaganda, Lies, Skulduggery and imposters.

How, tell me how. N2.2trn. and it did not enter into the WTO records. Osun state government is publishing postiche information as this, instead of taking her N6m allocation to advertise in punch and guardian for well-meaning Nigerians to come to their aid

I know thousands of gullible persons will believe this sham information. N2.2trn Come on! When will Nigerians stop buying fake information. APC is a legendary mistake.

If the deposits in Osun state where that much, then the diversification from crude oil is just at our finger tip.

dem Don come again wit more lies. dem swear for una+?