Without reforms, mining sector will continue bleeding — Experts
Experts have called for an urgent comprehensive reform in the mining sector, as the sector’s contribution to Nigeria’s Gross Domestic Product (GDP) remains minimal, accounting for less than 1 per cent. They made the submission at the pre-30th Nigerian Economic Summit (#NES30) webinar where they explained that despite the federal government’s ongoing efforts to revitalise […]
Gross Domestic Product (GDP)
Experts have called for an urgent comprehensive reform in the mining sector, as the sector’s contribution to Nigeria’s Gross Domestic Product (GDP) remains minimal, accounting for less than 1 per cent.
They made the submission at the pre-30th Nigerian Economic Summit (#NES30) webinar where they explained that despite the federal government’s ongoing efforts to revitalise the mining industry since 2005—through modernising mining policies, laws, regulations and investing in geoscience data—the sector’s contribution to the country’s GDP remains minimal, accounting for less than 1 per cent, according to the National Bureau of Statistics (2024).
The NESG had earlier noted with concern the sector’s low contribution to employment, revenue and exports, coupled with significant environmental, social, and economic impacts, which highlight the urgent need for comprehensive reform.
In his welcome address, Engr. Mansur Ahmed, Private Sector Co-Chair of the MMPC Steering Committee, emphasised that the pre-summit webinar was crucial for developing policy options to unlock the full potential of Nigeria’s economy.
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He added that “There is a need of aligning Nigeria’s mining sector with the African Mining Vision (AMV), a policy framework adopted by the African Union in 2009, aimed at ensuring that the continent’s mineral resources contribute significantly to sustainable development,”
Professor Peter Akper, in his presentation, stressed the untapped potential of Nigeria’s mineral resources, which could significantly boost GDP, revenue earnings and foreign exchange, if properly harnessed.
He called for “Stronger collaboration between the Federal Ministry of Solid Minerals and the Bureau of Public Enterprises (BPE) to implement structural reforms that could potentially increase GDP by 2.35%, create jobs, diversify government revenue streams, and attract foreign investments.