Mines ministry generates N2bn revenue

Ministry of Mines and Steel Development generated more than N2billion from royalty and mining fees in 2016.
Mr. Seun Odewale, Chief of Staff to the minister, said this at a three-day workshop for journalists yesterday in Lokoja, Kogi State, with the theme; “On the Road to Shared Mining Prosperity: Emphasising Excellence in Mining Reporting.”
He said the ministry was able to generate the sum against the N700 million generated in 2015, through closer monitoring of funds paid and provision of enabling tools for inspectorate officers.
According to him, “the ministry is making efforts to access $600 million from the Nigeria Stock Exchange (NSE). The ministry is looking inward to access more funds from multilateral institutions to scale up mining activities in Nigeria.”
He disclosed that some of the challenges affecting mining operations in Nigeria included insufficient geological data, uncooperative federalism, low productivity, illegal artisanal mining.
He said for Nigeria to be recognised as a mining nation, government should improve its geological data, provide infrastructure such as rail that could reduce heavy truck moving raw materials and finished products.