Former
governor of Ekiti state has stated the planned impact of the solid
mineral sector in the revamping of the Nigerian economy.
Kayode Fayemi
The Federal Government says its target is for the solid minerals
sector to account for 10 per cent of the gross domestic product, GDP, in
the nearest future, according to Premium Times.
The Minister of Solid Minerals Development, Kayode Fayemi, said this aspiration informed the present administration’s efforts to re-position the solid minerals sector to diversify the country’s economy and create jobs through the sector.
The minister, who said that a lot of innovations were being put in place to overcome all the encumbrances that could hinder the attainment of the aspiration, explained that the major focus of the ministry was to ensure that the sector improved its contribution to the GDP from the current 0.3 per cent.
He was speaking at the 52nd conference of the Nigerian Mining and Geo-sciences Society, NMGS in Ilorin, Kwara State.
Mr. Fayemi said he was confident that the target growth was achievable, adding that the minerals industry has great opportunities for diversification, apart from linkages to the development of other sectors of the Nigerian economy.
“We strongly believe that the only way minerals development can be sustainable is through economic linkages,” he said. “We shall promote the development of industrial minerals and encourage downstream linkages leading to the processing of these minerals for our local industries.
“It is expected that huge foreign exchange will be conserved through import substitution; jobs will be created; technological capacity will improve, and there shall be increase in resource rents. We shall concentrate on developing minerals that are critical feed-stock in oil and gas, agriculture, manufacturing and infrastructure.”
The Minister of Solid Minerals Development, Kayode Fayemi, said this aspiration informed the present administration’s efforts to re-position the solid minerals sector to diversify the country’s economy and create jobs through the sector.
The minister, who said that a lot of innovations were being put in place to overcome all the encumbrances that could hinder the attainment of the aspiration, explained that the major focus of the ministry was to ensure that the sector improved its contribution to the GDP from the current 0.3 per cent.
He was speaking at the 52nd conference of the Nigerian Mining and Geo-sciences Society, NMGS in Ilorin, Kwara State.
Mr. Fayemi said he was confident that the target growth was achievable, adding that the minerals industry has great opportunities for diversification, apart from linkages to the development of other sectors of the Nigerian economy.
“We strongly believe that the only way minerals development can be sustainable is through economic linkages,” he said. “We shall promote the development of industrial minerals and encourage downstream linkages leading to the processing of these minerals for our local industries.
“It is expected that huge foreign exchange will be conserved through import substitution; jobs will be created; technological capacity will improve, and there shall be increase in resource rents. We shall concentrate on developing minerals that are critical feed-stock in oil and gas, agriculture, manufacturing and infrastructure.”
