The Federal Government has disclosed plans to increase the mineral sector’s contribution to the economy by growing revenue generated from mining to N9.28bn by 2025.
Figures contained in the National Development Plan shows that the mining sector is currently contributing to about N2.3bn.The new target implies that the Federal Government intends to increase revenue generated by the sector by 308 per cent in four years.
The government, in the document, said that part of its 2025 vision is to foster an investment free minerals sector that is well-managed with transparent collection of revenues and good governance.
It noted that to establish a sustainable mining sector that is inclusive of mining, environmentally friendly, and socially responsible will enhance Nigeria’s mineral attractiveness to exploration and mining investors, adding that the sector could improve livelihoods and enhance job creation, while promoting economic growth.
“Achieving these outcomes will allow the mineral sector to contribute significantly more to GDP growth and socio-economic development to support Nigeria’s global competitiveness and industrialization,” it added.
There are also plans to create 144,000 jobs in the sector by 2025, according to the NDP.
To achieve these goals, the government intends to adopt six strategies which are to improve the mineral sector’s enabling environment by strengthening regulatory compliance and enacting new policies where gaps exist.
The government will adopt an inclusive strategy that will improve the socio-economic and environmental sustainability of host mining communities and increase access to finance to develop value-added products, through the establishment of seed funds, and the attraction of foreign and local investments.
The government also intends to implement nine programs that will drive growth in the mining sector.