from OKORO CHINEDU in Lagos, Nigeria
LAGOS, (CAJ News) – NIGERIA is unlikely to meet its target of growing the mining industry to contribute US$27 billion to gross domestic product (GDP) by 2025.
The ambition, under the 2016 mining sector roadmap, is part of efforts to diversify the continent’s largest economy from an over-reliance on oil.
“It is obvious that this goal will not be met unless the problems impeding private sector investments in the sector are resolved,” FBN Quest stated.
The market watcher cited these challenges to include an investor-friendly regulatory environment, implementation and enforcement of mining laws, development of robust geological data and adequate infrastructure among others.
According to the most recent national accounts, the mining and quarrying sector (excluding crude petroleum) accounted for a small proportion (0,04 percent) of GDP in the first quarter of 2022.
The recent report on mineral production by the National Bureau of Statistics shows that Nigeria’s production of mineral products grew by 39 percent yearly to 89,5 million tonnes in 2021.
The report identifies over 50 different kinds of mineral resource endowments spread across all the geographic regions of the West African country.
Non-metallic and non-precious mineral stones dominate Nigeria’s mineral output.
Limestone is the most abundant mineral product in terms of output volume, with a total production of 44,7 million tonnes, or almost half of the country’s aggregate mineral output volume.
Granite and laterite are the next two largest minerals produced.
– CAJ News