Business
‘Insufficient Data, Responsible For Mining Sector Decline’
The Minister of State, for Mines and Steel Development, Alhaji Abubakar Bwari says that mining sector in Nigeria has not seen commensurate development due to insufficient data on geosciences.
Bwari made this known while inaugurating the Integrated Exploration Project of the Ministry on Thursday in Abuja.
According to him, insufficient geosciences data is responsible for the decline in the mining sector contribution to the Gross Domestic Products (GDP), saying that the sector contributed “paltry 0.35 per cent” the Gross Domestic Product (GDP).
“This is an unhealthy situation that makes our country economy particularly vulnerable.
“President Muhammadu Buhari’s determination to reverse this trend gave rise to the economic diversification agenda, anchored primarily on mining and agriculture sectors.
“There is no doubt that a well developed mining sector can easily catalyse Nigeria’s industrial revolution through import substitution and address youth unemployment, poverty and insecurity, ‘he said.
Bwari said the present administration in the country was determined to reposition the mining sector by increasing its contribution to the GDP from 0.35 per cent to 8.4 per cent by 2020.
He said that the percentage was the target set by the Economic Recovery and Growth Plan (ERGP) for the ministry.
The minister said the inauguration of the project was long overdue, but expressed optimism that its success would be critical in determining how far government could go in its efforts to reposition the sector.
“We expect maximum commitment in the execution of this project, because a lot is at stake.’’
The minister said following the policies laid down in the mining roadmap to help actualise the government diversification agenda, the ministry intended to advance the use of different mineral commodities in many ways.
According to him, industrial minerals will be used for local consumption and import substitution; metallic minerals for generating foreign exchange and energy minerals for power generation toward the national growth and sustainable development.