(4minutes read)
· The Nigerian government has prioritised seven of thec ountry’s strategic minerals to harness the potential of the industry
· Nigeria is endowed with more than 44 mineral resources deposited in over 500 locations across the 36 states of the federation
as well as the Federal Capital Territory
· Seven of the identified minerals have been designated strategic to tap potential in the sector
The Nigerian government has prioritized seven of the country’s strategic minerals to harness the potential of the industry. Revealing this at a webinar, the Minister of Mines and Steel Development, Olamilekan Adegbite, has said he identified the minerals as bitumen, coal, limestone, iron ore, lead-zinc and barite.
Nigeria is endowed with more than 44 mineral resources deposited in over 500 locations across the 36 states of the federation as well as the Federal Capital Territory. Seven of the identified minerals have been designated strategic to tap potential in the sector. The government is also looking at key minerals to fuel the future.These include titanium, tungsten, lithium and cobalt, which have various applications in futuristic industries such as aerospace, telecoms and electric vehicle manufacturing.
Mining offered massive economic potential to diversify the economy, generate employment and increase government revenue. Therefore, there would be focused attention on the mineral resources to accelerate the process of growth and promote resource-based industrialization.
The minister underscored that revamp, completion and operation of the Ajaokuta Steel Plant would create jobs, help generate revenue. The setting up of the plant is a joint effort of Nigeria and Russia with funding from the Afreximbank and the Russian Export Centre. Experts are of the opinion that Nigeria’s mining sector was on course to attain its goal of five per cent contribution to the Gross Domestic Product in the next five years.
