Mining Grew by 2.24% in 2017 – Fayemi

Australian Iron Ore
  • Mining Grew by 2.24% in 2017 – Fayemi

The country’s mining sector grew by 2.24 per cent in 2017, the Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said.

Fayemi stated this 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 collaboration with the Australian government.

The minister, who was represented at the workshop by the Permanent Secretary in the ministry, Dr. Muazu Abdulkadir, noted that mining’s contribution to the country’s economy grew by 0.55 per cent in 2017.

He said, “The mining sector grew by 2.24 per cent and achieved a 300 per cent increase in revenue (royalty and fees) between 2015 and 2016, and a steady progress and as of November 2017, the sector had already surpassed the entire revenue of about N2bn generated for the whole of 2016, with over N3.5bn contributed to the federation account.

“We also excitedly welcomed the news that Nigeria moved up an unprecedented 24 steps in the World Bank’s Ease of Doing Business ranking, and was adjudged as one of the 10 top reforming economies.

“Reforms in the sector and efforts to make the Nigerian jurisdiction more attractive to investors impacted on Nigeria’s ranking in perception indices in the World Risk Report published by the Mining Journal, which indicates that Nigeria has made remarkable improvements in both hard risk and perceived risk factors.”

Fayemi stated that the mining sector was being positioned to contribute optimally to diversifying the Nigerian economy’s revenue base and creating jobs and economic opportunities for the nation.

The Australian delegation to the workshop, which included mining experts, was led by the country’s Deputy High Commissioner to Nigeria, Mr. Cleo Wilson.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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