Mining sector central to Nigeria economic revival

mining2From EMEKA OKONKWO in Abuja, Nigeria
ABUJA, (CAJ News) – AN expert is optimistic the solid minerals sector can play a pivotal role in diversifying Nigeria’s under pressure economy.
Cyril Azobu, the expert, optimism if the right steps were taken and the current momentum sustained, the sector in Nigeria can contribute up to 3 percent of gross domestic product (GDP) by 2025, as predicted in the current roadmap.
This would be up from a current contribution of just about 0,5 percent.
“My vision for the sector is one that is profitable to all stakeholders and in which the Nigerian people are able to enjoy the maximum benefits possible for these natural endowments,” Azobu said.
Azobu, the Advisory Partner and Mining Leader at PricewaterhouseCoopers (PwC) Nigeria, was speaking ahead of the Nigeria Mining Week, which is taking place again in Abuja from October 16-19.
He said several important developments in the Nigerian mining sector in the last year bode well for the industry’s future.
Most significant was the government’s approval of a new roadmap in August 2016.
“This very important policy document has really set the tone for the development of the sector,” Azobu said.
Furthermore, the Federal Government also approved a N30 billion Mining Intervention Fund.
Nigeria, Africa’s biggest economy is experiencing economic challenges blamed on reduced revenues because of the global decline in the oil industry. The West African country is the continent’s producer of the commodity.
– CAJ News

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Posted by on Aug 10 2017. Filed under Africa & World, Featured, Finance, Finance & Banking, Investing, Mining. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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