Mining Export Increases By 592% In 2 Years
Dr Kayode Fayemi, the outgoing Minister of Mines and Steel Development has said that the revenue from exports in the mining sector increased by 592 per cent between 2016 and 2017.
Fayemi made this known while giving account of his stewardship in the last two years in Abuja.
He said that the sector also recorded a seven per cent increase in Gross Domestic Products (GDP) in 2016, in spite of the country being in recession.
The minister said that the National Bureau of Statistics (NBS), had also recently affirmed the contribution made by the sector.
The ministry had improved productivity of the sector by tripling its contribution to the federation account from N700 million in 2015 to about N2 billion in 2016.
Fayemi had in 2016, promised to generate more than N3 billion through mining fees and royalty by 2017, but the ministry, however, contributed N3.5 billion to the Federation Account in 2017.
“We were asked to develop the sector and improve its capacity to create jobs and broaden the range of economic opportunities available to Nigerians.
“To contribute to this administration’s fight against corruption by identifying and bringing economic saboteurs in the mining sector to book.
“To promote peace and unity in the country by working to ensure that all stakeholders in the sector, especially host communities and state governments are able to beneficially participate in the sector,’’ he said.