Oscarline Onwuemenyi

The minerals and mining sector in Nigeria appears to be getting a lot of attention at the moment, especially from ‘big money’ international investors, which is truly a decent reward after more than a decade of government’s battle to reform and restructure the industry.

Yet, over the years, many have lamented that the real benefits, in terms of it contribution to the Gross Domestic Product (GDP), and improved financial yields to operators remains quite insignificant.

However, all that may be changing giving the recent assertion by the Minister of Mines and Steel Development, Arc. Musa Mohammed Sada that the sector’s contribution to the GDP has grown to over 10 percent over the past few months.

Indeed, as the government has been quick to argue, the drastic rise from less than three percent over the years is attributed to the recent major reforms in the sector, which has enhanced operations within the sector as well as paved way for private investment by foreign and local companies.

Sada stressed in an interview with Sweetcrude that the mining and steel sectors, if well developed, would create a veritable line of economic resource for the country.

He said, “This government is focused on turning these sectors into massive sources of revenue to rival oil and gas industry. As part of the way forward for the sector, we are looking at the future possibility for us to create a second line of economic input into the country through mining and steel production.”

The Minister explained that his ministry was in talks with the Ministry of Finance and the National Planning Commission towards ensuring that efficient measurement of the contribution of mining and steel resources in the country.

According to him, “We are currently working with these agencies of government to be able to dovetail all the activities in the mining and steel sector into the mainstream of the country’s economic framework apart from revenue from oil that comes into the coffers of the Federal Government. One of the areas we need to look at is to have appropriate operational framework for the sector, so that the private investors will feel comfortable and work with us and see the sector as a private sector driven enterprise.