FG committed to diversify Nigeria's economy through the mining sector-Adegbite

The Minister of Mines and Steel Development, Architect Olamilekan Adegbite, has restated the commitment of the Federal Government to diversify the economy, particularly by exploring opportunities in the mining sector to leverage its recovery in the post-COVID-19 era.

Architect Adegbite who spoke during a webinar organised by the Nigerian Economic Summit Group (NESG) recently, said with the extension of the Warri-Itakpe railway line to Abuja and the completion of the Ajaokuta Steel Company, more jobs would be created and economic boost development, which will affect the upstream and downstream sub-sectors of the mining industry.

“Nigeria has 44 minerals in over 500 locations, which can help to provide revenue and bolster the economy” the minister stated.

He also said the resuscitation of the Ajaokuta Steel Company would help resuscitate the Delta and Osogbo steel companies through private sector participation, adding that by 2025, the mining industry should be able to contribute to 5 per cent of Nigeria’s Gross domestic product (GDP).

Meanwhile, the Chief Executive Officer of the Group, Mr. ‘Laoye Jaiyeola said the NESG recognised the huge potential in the mining and manufacturing sectors and that the sectors could help to create jobs and reduce government reliance on the oil sector.

Jaiyeola said this in his contributions during a Webinar organised by the group with the theme “Post-COVID-19: Impact and opportunities in the mining industry.”

Commenting, the President of Miners Association of Nigeria, Alhaji Kabiru Kankara, said the mining sector required the government’s support to thrive and that such support can come through equipment leasing, capacity building and financial incentives.