Against a backdrop of economic pressures in Nigeria and a need to avoid long-term over-dependence on the oil industry, Nigeria is looking to other extractive industries in order to diversify the economy, notes Doye Balogun of Mayer Brown.

While 2016 was a challenging year for the Nigerian economy, 2017 has seen it bounce back to a degree. For several months between 2015 and 2016, the Central Bank of Nigeria had held firmly to an exchange rate policy from which the parallel market drifted wildly, leading to high levels of inflation in an economy which is heavily reliant on imports. In the second half of 2016, the government finally allowed some devaluation of the Naira, Nigeria’s currency.

Coupled with the easing of the restrictions on the availability of foreign currency, some investor confidence has returned and the economic outlook is looking healthier.

Against this background, economic diversification continues to be the topic of the day and mining remains one of the sectors that could enable Nigeria to successfully implement that policy.

Nigeria’s minister of solid minerals development, Kayode Fayemi, is the man tasked with leading the revival of the Nigerian mining sector, which has commercial deposits of about 37 different minerals including gold, iron ore, coal, tin and columbite.

At a recent conference in Abuja, Fayemi spoke about his plan in more detail, which would include a greater level of engagement with foreign investors, as well as publicising useful information on the country’s resources and policies. Both of those steps would be hugely welcome and this article examines a number of other considerations that would also need to be addressed, in order for Nigeria to make meaningful progress in the mining sector.


http://www.minesandsteel.gov.ng/2017/07/07/mining-nigerias-way-to-prosperity/


Lalasticlala
Mynd44
Ishilove
Marpol
Semid4lyfe
Obinoscopy

Wow, first time in history, I dedicate this to my girlie

Useless write up to remind us there is stil someone called Fayemi

1. This mentality of extracting minerals from ground and selling it to get forex gets country infected with "dutch disease".

2. Extractive Industries are no longer profitable as they use to. look at what's happening in the oil and gas sector. With shale oil on board, price will dip further.

3. The corruption in the system is endemic so the profit that will be made will be shared by Ogas at the top

4. Cost of extracting minerals generally is high and it is higher over here since we don't have the indigenous technology

5. Most exploration productions are done by robots. We are living in the era of AI and blockchain technology. So Job employment in this sector will be low.

In summary, we need to overhaul the Nigeria government and restructure this damned country from this mafias or we allow the to lead us into doom (their prosperity)

ok

These are what the jobless youths from the east called IPOB should be pursuing instead of a worthless biafra. Mining sector alone can turn around the economy of the south east. They should instead pressurize their elders to take governance serious so the positive effects will tell on their region. The sense of entitlement of the igbo's is what is dragging them behind in the Nigerian project. They envy the airports, seaports and other infrastructures in lagos forgetting that Yoruba's worked hard to achieve all the aforementioned. The coal in enugu alone is a blessing in disguise but unfortunately they are busy demanding for biafra as if money will grow on trees for them to pluck in biafra. Zombies

The north is mining and keeping the money to themselves

We ain't allowed to "mine: our own oil in the south.

All you above me...which kind wahala be this..."views tread no comments...2 secs later ona Don full everywhere.

Okay

Skull mining business by the Yorubas

Why do we like to deceive ourselves? We never achieved anything with oil is it with mining that we would achieve anything? Even if we begin to mine do we ve d capacity to refine it into finshed goods with more value as we fail to do with oil where u sell crude and u import refined products as all d refineries forbid to be functional?
Qatar, UAE, Kuwait, Bahrain, Oman are all rich thanks to the oil we have. Norway the nation on earth with d world's largest sovereign wealth fund thanks to oil yet Nigeria begs for aid or grants from d west.
Then is it with mining we would achieve anything when corruption still thrives and it pays to steal public funds when afterwards u wud be given amnesty. Until we go back to d basics and execute corrupt people as it is done in China which has made it progress from a poor country in d 50's to a very modern, developed country that even gives out loan, grants and aid to shameless countries like Nigeria
Nigeria is hopeless.

Skull mining is the major occupation for the people of the West side...they know how human skull is being processed, transformed and converted into physical money....

ok

When I hear "mining". I just smile. #lifegoals

conductor2:
Skull mining business by the Yorubas

On a Monday morning?
Ambode should employ these graduate conductors quickly.

K

MrMcJay:


On a Monday morning?
Ambode should employ these graduate conductors quickly.

Your Ambode should protect himself and his state people from skull miners and Baddo terrorists who are on the path of sending South.waste to extinction before coming to look for who to give work in another region.

It's not going to work. As long as the state continues to be the main driver of the economy this country is going to remain backward. Looking for resources to grow your economy is a fool's errand. It reminds me of the Spanish and their conquest for gold and silver in the Americas during the 1500's.

Skul mining ko, baby factory ni. Awon drug pushers

Not just mining raw materials and selling without value added and then buying finished products from countries we sold the raw materials to in this first place. That is what put our currency in this mess in the first place. That, useless policies and corruption. Industrial revolution is key

MediumStout:
These are what the jobless youths from the east called IPOB should be pursuing instead of a worthless biafra. Mining sector alone can turn around the economy of the south east. They should instead pressurize their elders to take governance serious so the positive effects will tell on their region. The sense of entitlement of the igbo's is what is dragging them behind in the Nigerian project. They envy the airports, seaports and other infrastructures in lagos forgetting that Yoruba's worked hard to achieve all the aforementioned. The coal in enugu alone is a blessing in disguise but unfortunately they are busy demanding for biafra as if money will grow on trees for them to pluck in biafra. Zombies

Foolish statement point out which other Yoruba state apart from Lagos is "developed" in d Nigerian context of development.
Why do u want die young out of hatred for igbos? Where is ur cocoa? U say d igbo sense of entitlement is what drags them behind? Have u seen d depth of ignorance of ur mind? So it is in Yoruba land that u ve quality leadershi abi? Apart from MM2 international airport in d whole of SW which other Int'l airport do u ve? Do u know d Akanu Ibiam Int'l airport in Enugu? U wont know cos u ve never travelled out of ur enclave. U were born in d SW, school in d SW, marry in d SW die ind SW. I am sure u ve not seen River Niger talkess of d bridge but u know d SE better than people who lives and comes from there.
So in yoruba land u ve 24/7 electricity, good roads, well funded and equipped school, salaries and pension not owed even in Ogun, Osun, Oyo, Ekiti, Ondo. May tribalism not kill u die throway

Good move ....

That abandoned coins in your house is very useful.....

https://www.youtube.com/watch?v=FAJdmzD5Bns

Wrong. If we had enough reserves in commercial quantity firms like glencore wud have come. We only have pockets of sparsely distributed reserves

MediumStout:
These are what the jobless youths from the east called IPOB should be pursuing instead of a worthless biafra. Mining sector alone can turn around the economy of the south east. They should instead pressurize their elders to take governance serious so the positive effects will tell on their region. The sense of entitlement of the igbo's is what is dragging them behind in the Nigerian project. They envy the airports, seaports and other infrastructures in lagos forgetting that Yoruba's worked hard to achieve all the aforementioned. The coal in enugu alone is a blessing in disguise but unfortunately they are busy demanding for biafra as if money will grow on trees for them to pluck in biafra. Zombies

The level of some ppl's ignorance is so amazing
So yorubas built the international airports in Lagos ,rail lines,seaports n other infrastructures? N yet can't build simple decent houses for themselves,cos the best houses in Lagos are owned mainly by the igbos .
Oga every one knows that Lagos was developed by the federal government n foreigners mainly igbos .
Your ppl are well known for their lazy spirit,always wanting every thing at a platter of gold or free .hell awo had to offer u ppl free education so as to meet up the aggressive way the igbos were grabbing education.
#Biafraordeath#

We pray so, mean while d exchange rate no grew change

The Government is not serious about diversification. I was at the Conference. One of the Resource persons said that Nigeria was not yet a Mining destination. That the Government should do more to provide the enabling environment. I was interviewed by Newsmen there and I told the VON guy that our Solid Minerals Policy Makers did not even have a clear understanding of the Sector. So do not be deceived by talks about diversification.
See my Article on Major Gemstones Found in Nigeria and where you can find them: https://www.nairaland.com/3812367/major-gemstones-found-nigeria-where

MediumStout:
These are what the jobless youths from the east called IPOB should be pursuing instead of a worthless biafra. Mining sector alone can turn around the economy of the south east. They should instead pressurize their elders to take governance serious so the positive effects will tell on their region. The sense of entitlement of the igbo's is what is dragging them behind in the Nigerian project. They envy the airports, seaports and other infrastructures in lagos forgetting that Yoruba's worked hard to achieve all the aforementioned. The coal in enugu alone is a blessing in disguise but unfortunately they are busy demanding for biafra as if money will grow on trees for them to pluck in biafra. Zombies

Saying you are brainless would be an insult to all rētards out there.
I mean, a halfwit with less than basic education wouldn't post this crap you just did.

So, it is IPOB's duty to pursue mining of natural resource that with the current and flawed unitary system of govt belongs to the FG? Do you think any individual or organization in the country has the right to prospect or dig for minerals without a federal govt license/approval?

Yorubas worked hard to achieve airports and seaports in what sense? I mean, you sound less intelligent than a lobotomized rētard on steroids.

Coal in Enugu? Well, did anyone remind you that coal used to be one of the major foreign exchange earner for Nigeria, before crude oil was discovered and everyone in your government lost their brains? If you had any basic education, you would have learnt that Nigeria once had a thriving mining industry, alongside with agriculture that brought in forex.

The trillions of dollars earned from crude oil sales so far, what has the government done with those mind boggling wealth since after independence till date? What benefit has the common man gained from the oil wealth since then? So, its mining that should suddenly make ipob become model citizens and quit its agitation?
No, you don't know any of this. All you could is refer to ipob in your delusions. The ipob that doesn't know if slime such as you even exists.

the list is not complete without skull mining, yellowbar demons are making millions in skull and body parts mining, my name is gbenga and my father is a professional skull miner below is his picture

the list is not complete without skull mining, yellowbar demons are making millions in skull and body parts mining, skull mining contribute 80% of Ogun state GDP, my name is gbenga and my father is a professional skull miner below is his picture

[s]

whirlwind7:


Saying you are brainless would be an insult to all rētards out there.
I mean, a halfwit with less than basic education wouldn't post this crap you just did.

So, it is IPOB's duty to pursue mining of natural resource that with the current and flawed unitary system of govt belongs to the FG? Do you think any individual or organization in the country has the right to prospect or dig for minerals without a federal govt license/approval?

Yorubas worked hard to achieve airports and seaports in what sense? I mean, you sound less intelligent than a lobotomized rētard on steroids.

Coal in Enugu? Well, did anyone remind you that coal used to be one of the major foreign exchange earner for Nigeria, before crude oil was discovered and everyone in your government lost their brains? If you had any basic education, you would have learnt that Nigeria once had a thriving mining industry, alongside with agriculture that brought in forex.

The trillions of dollars earned from crude oil sales so far, what has the government done with those mind boggling wealth since after independence till date? What benefit has the common man gained from the oil wealth since then? So, its mining that should suddenly make ipob become model citizens and quit its agitation?
No, you don't know any of this. All you could is refer to ipob in your delusions. The ipob that doesn't know if slime such as you even exists.

[/s]


Biafra will never come

MediumStout:
[s][/s]


Biafra will never come

I would have gone into coma if you had replied with something half intelligent.
Pity you, but no one except you seem to be talking about Biafra on this thread. Brainless maggot still couldn't process what the topic is all about.

Oh, but that's all you know, don't you?
Your vocabulary is limited to two items only: ipob and Biafra, with a sprinkling of a few gibberish. What a burden you are.

whirlwind7:


I would have gone into coma if you had replied with something half intelligent.
Pity you, but no one except you seem to be talking about Biafra on this thread. Brainless maggot still couldn't process what the topic is all about.

Oh, but that's all you know, don't you?
Your vocabulary is limited to two items only: ipob and Biafra, with a sprinkling of a few gibberish. What a burden you are.

U will remain a Nigerian for life. Second class citizens No biafra