Nigeria Aims Tenfold Growth in Mining Sector Operations

SEATTLE (Scrap Monster):  The Nigerian Mining Ministry expressed confidence in its mining sector making big contributions to the nation’s economy over the next five years. The country aims to have at least 50 mines in operation by 2023, thus compensating for the lost time and output during the recent months, on account of Covid-19 restrictions.

The country has been struggling for finances, following collapse in crude oil prices. Incidentally, crude oil prices had hit the lowest levels of nearly decades earlier during this year.

According to Olamilekan Adegbite, Nigeria’s Minister of Mines, the country is confident of catching up for the slowdown caused by the pandemic. The country’s mining is expected to record tenfold growth in the next five years, thus accounting for almost 3% of the country’s economy.

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The country aims to focus on processing barite, which will then be sold to oil and gas drilling projects in Ghana and South Africa. In addition, the country seeks to formalize artisanal mining, which could boost tax and royalties from gold. Accordingly, small-scale miners would be encouraged to form cooperatives and sell at government-buying centres. Nigeria aims to attract more commercial gold miners into the country.