Nigeria’s mining revenue to hit N8bn December, revival efforts intensify

Olamilekan Adegbite, Nigeria’s minister of Mines and Steel Development has revealed that revenue from Nigeria’s mining sector is expected to hit N8 billion by December 2021 as the ministry intensifies efforts to develop the industry and block revenue leakage.

“In 2019, the sector was generating N2.5 billion in revenue to the economy but this has grown to N6.8 billion as of September 2021, which has increased its contribution to the GDP and we are looking to grow it to N8 billion by the year-end,” he said.

Adegbite who spoke at an evening with the Minister hosted by the Lagos Business School on Thursday explained that efforts have been intensified to drive full recovery of the sector which include blocking revenue leakages, provision of data and driving increased investments.

The minister noted that Nigeria’s mining sector is commencing operations with better prospects and increased opportunities that are attracting investors. Leveraging the 2007 mining act, he added that both the sector stakeholders, states and investors are protected.