Connect with us
Advertise With Us

BUSINESS

Nigeria Can Generate N5trn From Mining, Solid Mineral Exportation – NEPC

Published

on


Nigeria is capable of generating N5 trillion from mining and solid mineral exportation, Nigerian Export Promotion Council (NEPC) has disclosed.

The agency, however, lamented  that the country is not among the top ten exporters of gemstone in Africa despite that it has enormous potential in about 34 different mineral items.

The executive director, NEPC, Olusegun Awolowo disclosed this in Ilorin, Kwara state at a-one day workshop with the theme ‘harnessing the export potential of gold using the appropriate techniques to attain global competitiveness’ for gold miners, processors and exporters.

Awolowo, who was represented by the deputy director, Production, Samuel Oyeyipo, added that the Economic Recovery and Growth Plan (ERGP) and the 2017 annual budget clearly recognised the enormous potential of solid mineral sector and the capability of Nigeria generating at least N5 trillion annually from mining and exportation of Nigeria’s solid mineral.”

He said that NEPC would continue to collaborate with the Ministry of Mines and Steel Development by aligning itself with the ‘road map for the growth and development of the Nigerian mining industry’ as  approved in 2016.

He said: “Available record shows that Nigeria earned N62.2 billion from the solid minerals sector in 2015, an increase of 24 percent on the N55.8 billion earned from the sector in 2014, based on yearly report of Nigeria Extractive Industries Transparency Initiative  (NEITI).

“Similarly, according to figures published by the International Trade Centre (ITC), Geneva, in 2015, world gemstone export was put at $132.6 billion, out of which African countries exported $11.3 billion worth of gemstones.

The top ten leading African exporters were Botswana, South Africa, Angola, Lesotho, Democratic Republic of Congo, Zimbabwe, Sierra Lone, Mauritius, Namibia and Tanzania. Regrettably, as listed above, Nigeria is not among the top ten.”



Copyright LEADERSHIP.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from LEADERSHIP Nigeria Newspapers. Contact: editor@leadership.ng







Advertisement
Comments

Sign up for our newsletter

MOST POPULAR

Pin It on Pinterest

Share This

Share this post with your friends!