The Lagos Chamber of Commerce and Industry (LCCI) has raised alarm over the lackluster performance of Nigeria’s solid mineral sector.
In a statement, Dr. Chinyere Almona, the Director General of LCCI, expressed disappointment at the underwhelming performance of the Nigerian mining industry in recent quarters.
According to data from the National Bureau of Statistics (NBS), the Mining & Quarrying sector contributed only 4.47% to the overall GDP in the fourth quarter of 2023, a decrease from the previous quarters.
This decline is attributed to various challenges such as inadequate infrastructure, regulatory inconsistencies, limited access to financing, and security concerns in mining areas.
Despite its vast potential, the mining sector has struggled to attract investments and drive industrialization due to these obstacles.
The National Development Plan 2021-2025 aimed to position the sector for growth and industrialization by 2025, but progress has been slow.
The Government launched a new mining roadmap in 2016 to enhance the sector’s competitiveness and contribute 3.0% to GDP by 2025.
However, achieving this goal requires addressing issues such as regulatory hurdles, unclear land tenures, and funding constraints.
Dr. Almona urged the government to review its mining industry strategy to attract investments, promote mineral exploration, and enhance value addition.
She emphasized the need for innovative approaches to revitalize key mining companies like Ajaokuta Steel Company Limited and Nigerian Iron Ore and Mining Company.
To boost investments in the sector, Dr. Almona recommended leveraging research and technology to identify mineral deposits, improving infrastructure in mining areas, and fostering partnerships with local communities.
She stressed the importance of inclusive strategies for Artisanal and Small-Scale Mining (ASM) to create sustainable job opportunities in rural areas.
By implementing these measures, Nigeria’s mining sector can become a key driver of economic growth and development.
LCCI is committed to collaborating with stakeholders to unlock the sector’s potential and contribute to the nation’s progress.
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