In the pursuit of diversifying the nation’s economy given the nation’s huge human and natural resources and against the backdrop of the decline in oil revenue currently unstable, the government has shown its commitment to the exploitation of solid minerals by setting up a committee which includes some state Governors to collaborate with the Federal Ministry of Mines and Steel Development on how issues and challenges regarding the roles of State governments and the mining communities can be properly managed for an effective development of the sector.

An approval of N30billion financial intervention and 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 and it is also worthy of note that at the recently concluded Africa-Russia summit, President Putin agreed to ensure the completion of the partially completed and abandoned Ajaokuta steel mill.

Nigeria is blessed with mineral wealth. The prospective of the mining industries to remarkably contribute to our economy cannot be overemphasized. Mining and quarry contribute to the GDP; 31.10% in Q1 2019 from -18.78% in Q4 2018 this can therefore be improved when our mining industries are resuscitated.

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 fourth quarter of 2019, although there are no large-scale gold mining operations in Nigeria currently even as abundant gold deposits exist in Nigeria in 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.

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 translate to increased public and private sector investment, more employment creation for the citizenry, reduction in smuggling and illegal mining, strengthen our foreign exchange, Improve our domestic automotive industries and overall economic and financial stability for the economy.

There is an urgent need to develop as well as direct constructive efforts towards the mining sector that can generate as much revenue as is currently being generated from crude oil. This can be achieved if adequate concentration is directed as regard its development. The Nigerian mining sector is undoubtedly progressing and there are 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

A very good one only if the FG can follow up exactly what you have listed above.

How is mining diversification. ? What about all the crude oil we have been selling for decades. Isn't that mining. Only in Nigeria do we have all these daft bureaucrats.

Instead of mining more, why don't we process what we mine. Instead of selling all our crude, why don't we refine some. Instead of selling all our ore why don't we produce metals. Instead of selliing all our rare earths why don't we produce microchips.

Buhari has the temerity to say Nigerian youth are lazy. No its you that is lazy. You promised to diversify the economy yet have done nothing but blamed everyone from gadhaffi to youths to gej to our neighbours. Diversification of blame is what apc does