Mining Sector Now Major Revenue Earner, Says Fayemi
The Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said that the reforms in the mining sector has helped to reposition the sector as a major revenue earner and improved the country’s rating as a mining destination of choice.
Dr Fayemi spoke at the opening session of a policy and capacity building workshop for senior officials of the ministry, professionals and stakeholders in the mining industry, organised in partnership with the Australian government.
The Australian delegation, which comprised of mining experts, was led by the Deputy High Commissioner, Cleo Wilson.
The Minister who was represented at the workshop by the Permanent Secretary in the Ministry, Dr Muazu Abdulkadir, the Minister noted mining’s contribution to the country’s economic growth that grew by 0.55% as at 2017.
“The mining sector also grew by 2.24% and achieved a 300% increase in revenue (royalty and fees) between 2015 and 2016, and a steady progress and as at November 2017, the sector had already surpassed the entire revenue of about N2billion generated for the whole of 2016, with over N3.5billion contributed to the federation account,“ he said.
The Minister stated that the mining sector was being positioned to contribute optimally to diversifying the Nigeria economy’s revenue base and creating jobs and economic opportunity for the nation as captured in the Roadmap for the growth and development of the mining industry.