Nigeria’s National Mining Week focused on revitalising the neglected mining sector amidst growing global mineral demand. Key measures include mandates for local processing and actions against illegal mining. Current contributions to GDP remain low, necessitating more serious government efforts to enhance sector profitability.
Nigeria recently held a three-day conference to commemorate National Mining Week as part of efforts to boost the country’s mining sector. With rising global demand for minerals, the government aims to attract investments and local processing for mined materials. Noteworthy initiatives include requiring new investors to establish local processing plants and a crackdown on illegal mining activities. Authorities have announced the deployment of the Mining Marshal Corps, with over 300 illegal miners apprehended, highlighting ongoing challenges in the sector, which currently contributes a mere 0.77% to GDP.
The Nigerian mining industry boasts over 40 mineral deposits, including tin, iron ore, lead, zinc, and gold. However, illegal exploitation and insufficient local revenue generation hinder growth. The government seeks to address these issues through improved regulations, local manufacturing incentives, and increased surveillance to combat illegal mining, which has become rampant amid security challenges in the region.
While Nigeria’s government is taking steps to foster growth in the mining sector, significant challenges remain. The push for local processing is a key strategy, but experts suggest that without serious commitment from the authorities, the sector will continue to underperform. Enhancing local revenue generation and controlling illegal mining are crucial for unlocking the industry’s potential.
Original Source: www.voanews.com