Ministry targets US$27bn contribution to GDP by 2025

Posted by News Express | 10 July 2017 | 1,750 times

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•Mines and Steel Development Minister, Dr. Kayode Fayemi

The Ministry of Mines and Steel Development says it will contribute US$27 billion (about (N9.7 trillion) to the Gross Domestic Product (GDP) by 2025.

According to the Ministry's Road Map revealed in Abuja on Sunday, the target would be achieved in three phases.

It said that the Phase One was to stabilise the sector and rebuild the country’s market confidence between 2016 and 2018.

According to the Ministry, the second phase would focus on establishing Nigeria as a competitive African mining and mineral processing centre from 2016 to 2020.

The Ministry said the third phase would enable Nigeria compete in the global market for refined metals and minerals from 2018 to 2030 in addition to selected ore exportation.

It said that at the end of the third phase, Nigeria would have built a sustainable, globally competitive mining sector and related processing industry.

The Ministry expressed the commitment to use the finite mineral resources in the country to improve the quality of life of Nigerians and earn healthy returns for the mining investor.

It said its ambition was be consistent with the tone set for national development expected to create the right conditions for minerals and mining success in the coming decades.

“If well executed, the ambition, combined with realistic plan can unlock value for the Nigerian people with the potential to contribute to the GDP through its significant multiplying effect.” (NAN)

Source: News Express

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