Underdeveloped Mining Potential Costing Nigeria Dearly

(3 Minutes Read)

Geologist Eric Biame points out that exploiting these resources could transform the economy by reducing import dependence. Yet, the mining sector contributes less than 1% of GDP, with US$9 billion lost annually due to illegal mining.

In a report by Tesem Akende, Nigeria, despite spending US$10 billion annually on importing raw materials, possesses significant untapped mineral deposits. Geologist Eric Biame points out that exploiting these resources could transform the economy by reducing import dependence. Yet, the mining sector contributes less than 1% of GDP, with US$9 billion lost annually due to illegal mining.

In response to this challenge, the government is working to eradicate illegal mining and attract investors. Mining engineer Plankat Dashwet calls for issuing permits to encourage investment.

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The government has already arrested over 300 illegal miners and is implementing reforms to regulate the sector, reduce imports, and create jobs.