Chinwendu Obienyi
The Federal Government has renewed its determination to expand sources of non-oil revenue, to free Nigeria from over-reliance on income from embattled crude oil, by creating enabling environment for investment in mineral resources and allied products in commercial quantities.
Despite over 40 available mineral resources in Nigeria, the sector is currently contributing 0.5 per cent to the nation’s GDP, due to the business being largely informal, uncompetitive and dominated by artisans who have to go through middlemen. However, government has projected 5 per cent contribution of the sector to GDP by 2023.
Speaking at the virtual launch of Nigeria’s premier Gold company, Dukia Gold and Precious Metal Refining Company Limited’s Raw Materials Purchasing Programme, the Vice President and Head of Economic Management Team, Professor Yemi Osinbajo, explained that in line with Economic Recovery and Growth Plan (ERGP), the Federal Government is ready to leverage more support for development of investment in solid minerals as a source of foreign exchange earnings for the Nigeria.
Osinbajo who commissioned the Raw Materials Purchasing Programme Online during a well-participated Zoom’s meeting, noted that it was a landmark opportunity for Nigeria to revive the mining sector by standardizing the business and making it easy for the operators to create jobs and contribute to Nigeria’s Gross Domestic Product (GDP).
According to him, active investment in business of gold and allied products would create huge job opportunities for all professionals in the value chains. He commended the promoters of Dukia Gold and Precious Metal Refining Company for the great initiative while he also applauded the project’s financier, Heritage Bank Plc, for supporting the programme.