Nigeria has lifted a five-year mining ban in Zamfara State due to improved security. The ban, imposed in 2019, hindered access to valuable resources. Minister Dele Alake highlighted reforms to attract investment and increase the mining sector’s GDP contribution.
Nigeria has lifted a five-year mining ban in Zamfara State, according to the Mining Minister, Dele Alake. This ban was enacted in 2019 due to severe bandit attacks, which hindered the exploitation of the region’s substantial gold, lithium, and copper resources. Improved security measures have prompted this change, allowing for a renewed focus on mining activities.
Minister Alake emphasised Zamfara’s rich natural resources, stating they could significantly enhance national revenue. Nigeria, which heavily relies on oil, aims to diversify its economy by fostering a more substantial mining sector. Currently, mining contributes less than 1% to Nigeria’s GDP, but the government is keen on increasing this figure.
To achieve growth in the mining sector, Nigeria has initiated reforms including the annulment of unused licenses, limiting raw mineral exports, and allowing investors a 75% stake in a national mining company. These steps aim to attract investment and develop the country’s mining capabilities further.
The lifting of the mining ban in Zamfara marks a significant move towards harnessing Nigeria’s mineral wealth, a step driven by improved security. With initiatives to stimulate the mining sector, Nigeria is determined to diversify its economy beyond oil dependency, aiming to increase the sector’s contribution to GDP and attract foreign investment.
Original Source: africa.com