Fidelia Okafor.

Nigeria’s Mining sector will contribute 25 billion Dollars to the Gross Domestic Products (GDP) by 2026.

The Minister of Mines and Steel Development, Dr Kayode Fayemi said this at the fifty-third Annual International Conference and Exhibition of the Nigerian Mining and Geosciences Society in Abuja.

Dr Fayemi said this would be achieved due to green shoots of growth recorded in the sector, since the current administration assumed power.

He stated that analysis conducted by major stakeholders in the solid minerals sector indicated that it could generate at least five trillion naira annually from mining and exporting.

According to him, the ministry is also pursuing a focused strategic agenda to rebuild the sector and unlock its full potential.

Dr Fayemi said plans recently articulated in a roadmap would guide the growth of the industry over the next two decades.

He noted that the ministry aspiration was to build a world class minerals and mining ecosystem designed to serve a targeted domestic and export market for minerals and ores.

Dr Kayode said this would be achieved by focusing on Nigeria’s minerals, mining and related processing industry over a three-phase period.

He said “in the first phase, Nigeria would seek to rebuild market confidence in its minerals and mining sector and win over domestic users of industrial minerals currently being imported”.

“During the phase, Nigeria would also seek to expand use of its energy minerals, and it would likely last about two to three years,” Fayemi said.

According to the minister, Nigeria is also focuses on expanding its domestic ore and mineral asset processing industry in the second phase, as the phase will last about five to 10 years.

“In the third phase, Nigeria would seek to return to global ore and mineral markets at a market competitive price point,” he pointed out.

He outline six key factors and implementation plan to rebuild Nigeria’s mining sectors including stakeholder engagement, industry participants, geosciences data and information, access to finance and enabling environment.

According to him, the ministry, through the Nigerian Government, is also negotiating for 150 million Dollars loan from the World Bank to begin the Mindiver Project aimed at further resuscitating the ailing sector.

“This reawakening means a renewed zeal to pursue the onerous task of developing the nation’s minerals and metals sector.”

“The prognosis of this situation is that the mineral and metal sectors hold the key for economic diversification in Nigeria which is a condition for job and wealth creation,” he stressed.

Dr. Kayode maintained that the mining services industry was a vital source of economic activity and jobs in Nigeria and a major contributor to national income and wealth creation.