Captain Dada Olaniyi Labinjo, Executive Managing Director of SV-NED Mining Company, believes Nigeria could generate over N37 trillion yearly from its mining sector if properly developed. This prospective revenue could significantly boost the economy through job creation and increased tax revenue for the government.

Mining could create thousands of jobs in areas like geology, engineering, and environmental management while providing a substantial income through various taxes. Labinjo emphasised the need for infrastructure improvements to support mining activities, which would benefit local communities.

Ambassador Temitope Amina Labinjo-Ajayi, SV-NED’s chairman, praised President Bola Tinubu’s Renewed Hope Agenda, noting that mining could help diversify Nigeria’s economy, which currently relies heavily on oil exports. This diversification would promote economic stability and development.

Labinjo-Ajayi highlighted the potential for mining to boost foreign exchange earnings through mineral exports, positively influencing the country’s currency stability. Additionally, she mentioned that responsible mining can support environmental sustainability and promote local content development by using locally sourced goods and services.

Chief Emmanuel Ayodele Adediran, Seriki of Igbetiland, welcomed SV-NED’s partnership, expecting it to enhance economic development and improve the community’s living standards. He further urged the government to establish a University of Agriculture in the area and to renovate a long-neglected hospital.

Nigeria’s mining sector holds substantial potential for revenue generation, job creation, and economic diversification, with estimates suggesting an annual income of over N37 trillion. The collaboration between SV-NED and local communities aims to enhance development and infrastructure, contributing to the nation’s overall economic growth.

Original Source: tribuneonlineng.com

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