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Solid Minerals Sector Generates N3.5bn Revenue In 2017- Fayemi

The Minister of Solid Minerals Development, Dr. Kayode Fayemi, has disclosed that the solid minerals sector raked into the Federation Account N3.5 billion between January and November last year.

Giving the hint through an online publication of the ministry, MMSD Weekly, Fayemi said that the sector’s performance indicated clearly that the ongoing economic diversification agenda of the Federal Government was already adding value to the nation’s economy.

The minister stated: “Our exertions were centred on advancing the reforms begun in 2016 in line with President Muhammadu Buhari’s mandate to us to reposition the mining sector as a frontier of this administration’s economic diversification agenda.

“Aligned with the ‘Road map for the Growth and Development of the Nigerian Mining Industry’ approved in August 2016, our aspiration remains to build a world class minerals and mining ecosystem designed to serve a targeted domestic and export market for our minerals and ores. Our focus remains to improve the sector’s contribution to the GDP and to create jobs and economic opportunities for Nigerians”, he added.

The minister explained further that the 2017 marked the commencement of the full implementation of the road map in furtherance of the ministry’s efforts to align its activities with the policies and programmes of the government’s Economic Management Team.

Fayemi stated that the sector featured prominently in the Economic Recovery and Growth Plan, which is the medium-term plan for 2017 – 2020 and the primary planning framework for the nation’s economy.

He clarified: “Consolidating on our feat of achieving a 300 per cent increase in revenue (royalties and fees) between 2015 and 2016, we steadily progressed in 2017; and as of November 2017, the sector had already surpassed the entire revenue of about N2bn generated for the whole of 2016, with over N3.5bn contributed to the Federation Account.

“While we still have a long way to go, with the gains we have collectively achieved in 2017, we can confidently say that we are well on the road to shared mining prosperity”, Fayemi added.

 

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