· Nigeria has renewed its resolve to expand sources of non-oil revenue by supporting investments in mineral resources and allied products
· The government is keen to boost investment in solid minerals as a source of foreign exchange earnings for Nigeria.
The Federal Government of Nigeria has renewed its resolve to expand sources of non-oil revenue by supporting investments in mineral resources and allied products in commercial quantities. This was conveyed by the Vice President of Nigeria and Head of the country’s Economic Management Team, Prof. Yemi Osinbajo at the virtual launch of Nigeria’s premier gold company, Dukia Gold and Precious Metal Refining Company Limited’s Raw Materials Purchasing Programme. The Vice President explained that the government was keen to boost investment in solid minerals as a source of foreign exchange earnings for Nigeria.
Nigeria has over 40 mineral resources in the country. However, the sector contributes a meager 0.5 per cent to the nation’s GDP due to its informal structure, non-competitiveness and dominance of middlemen. Nigerian government proposes to boost the contribution of the sector to GDP to five per cent by 2023.
Commissioning the Raw Materials Purchasing Programme VP noted that revival of the mining sector by standardising the business and making it easy for the operators to create jobs and contribute to Nigeria’s Gross Domestic Product (GDP). He added that active investment in the business of gold and allied products will create huge job opportunities for all professionals in the value chain. Complementing the promoters of Dukia Gold for the initiative, Osinbajo further added that, the programme will create employment for the entire operators in the value chain at post – COVID-19. His Government through various policies will encourage small artisans in the mining business to boost job opportunities and foreign exchange earnings for Nigeria. Thanking the Nigerian Government for its support, the Managing Director of Dukia Gold, Mrs. Bose Owolabi, explained that the company’s initiative underlined the need for the private sector operators to support the government in its efforts to establish gold refineries in Nigeria.
