THE Minister of Solid Minerals Development, Dr Dele Alake, Monday, assured Nigerians and investors of a major leap of the solid minerals sector in 2024. Alake gave the assurance in a New Year ...

The Nigerian government came up with the mineral and metal policy in 2008 to reduce the country's dependence on petroleum and reduce its vulnerability to oil price fluctuations and price shocks after the 1980s global economic recession (Nigeria Mineral and Metals Policy 2008).The global economic recession of the 1980s led to the …

While the policy to regulate the solid minerals sector in Nigeria has potential economic benefits, addressing the associated challenges will be crucial to realising its full potential and ensuring ...

Nigeria is blessed with over forty-four (44) identified solid mineral resources in commercial quantities. Yet, the contribution of the mining Sector to the country's gross domestic product (GDP) has remained less than 1% in each of the past five (5) successive years – although, it has consistently grown over the same period to 0.85% in 2022 (from …

Welcome to the Integrated Automation and Interactive Solid Minerals Portal (IAISMP), the GO-TO portal for real time information on Mining Sector in Nigeria. Office:No. 2, Luanda Crescent, off Adetokunbo Ademola Crescent, Wuse II, …

Nigeria currently boasts of over forty-four (44) priced solid minerals in the mining space, with huge deposits scattered over different parts of the country. However, the …

the Nigerian Minerals and Mining Act (the Act) in 2007, amongst other policy efforts. However, these efforts have only led to a minuscule growth in the sector; with the sector's contributions to the Nation's Gross Domestic Product (GDP) remaining at less than 1% as at 2015 1. By the first half of 2016, Nigeria entered into a period of

The aggregate production of mineral products in Nigeria in 2021 grew by 39.19% from 64.29 million tons recorded in 2020 to 89.48 million tons in 2021, indicating an improve …

Nigeria boasts of 44 different types of commercially viable minerals, estimated to be worth a staggering $700 billion as per the Solid Minerals Development …

Dangote Slashes Diesel Price To N1,000 Per Litre. ... "The emerging market for Nigeria's solid minerals includes industrialised and emerging economies of BRICS countries and the G20 countries which created a demand for energy, metals, and minerals,'' he said. ... Adegbite noted that the solid minerals sector would have developed better ...

The reduction in global crude oil prices is not expected to reverse at least in the short run, thus the need to diversify the economy towards improving other sources of revenue. One key sector which offers great potential in …

Sector Watch Introduction Nigeria currently boasts of over forty-four (44) priced solid minerals in the mining space, with huge deposits scattered over different parts of the country. However, the contribution of this sector (with such huge potentials) to the gross domestic product (GDP) of the country remains surprisingly abysmal.

38 NEITI, Solid Minerals Sector Audit Report for the Year Ended 31 December 2014 (December 2016) P. 57 39 This was stated by the Minister of Solid Minerals Development, Kayode Fayemi. See "How ...

Nigeria has an estimated current population of about 140 million, making it the most populous country in Africa and the tenth most populous in the world. The country as estimated national population growth rate of 5.7% per annum,an average economic growth rate of 3.5% per annum in the past five {5} years. Nigeria has a long, but …

Nigeria boasts of 44 different types of commercially viable minerals, estimated to be worth a staggering $700 billion as per the Solid Minerals Development Fund (SMDF), with gold, coal, iron ore, bitumen, lead, limestone, and barite, representing just the tip of the iceberg. Read also: Nigeria generated N814.59bn from solid minerals …

With the appointment of a Minister for mining, experts in the country's mining and solid minerals sector have advised the Federal Government to address the lingering challenges bedevilling the ...

from solid minerals in comparison to Nigeria's 0.4%, during the same period. Recent increases in exploration and expansion of mines throughout Africa have concentrated on gold and diamonds but improving base metal prices has generated exceptional levels of

The vastness of Nigeria's minerals resources cannot and should not be over emphasised. We began to explore and exploit her natural mineral resources in 1902 and in its prime, the solid minerals sector was one of the largest producers of tin and coal, as well as a producer of a considerable 1.4 tons of gold annually.

The solid mineral sector has been targeted by the Nigerian government to lead this agenda of economic diversification as the country has identified forty -four solid minerals minable in commercial quantity.3 However the scourge of illegal mining of these solid mineral is a clear and

Nigeria currently boasts of over forty-four (44) priced solid minerals in the mining space, with huge deposits scattered over different parts of the country. However, the …

One key sector which offers great potential in achieving this is the solid minerals sector. The solid minerals sector had been targeted by the previous administration to contribute 5% to GDP by 2015 and 10% to GDP by 2020. The study revealed that Ussa Local Government area is blessed with Sapphire, feldspar, Glass Sand/Quartz and Zircon.

Opportunities for growth. Diversification of the economy: Mining in Nigeria presents an opportunity for Nigeria to diversify its economy away from over-dependence on oil and gas revenues. Developing this sector can create jobs and reduce vulnerability to fluctuations in oil prices. Resource endowment: Nigeria's vast mineral resources …

this is the solid minerals sector. The solid minerals sector had been targeted by the previous administration to contribute 5% to GDP by 2015 and 10% to GDP by 2020. …

24% of the GDP, while co ntribution from m anufacturing has fluctuated and rec ently stabilized at about 21%. In 2015, Nigeria's solid minerals and mining sector ac counted for a paltry 0.3% of ...

The Nigerian Extractive Industry and Transparency Initiative, NEITI report suggests that there are over 30 different kinds of solid minerals and precious metals (Sapphire, Aquamarine, Topaz etc ...

According to Nigerian Investment Promotion Commission (NIPC), Nigeria has 45 different solid minerals buried in various locations across the country. But these minerals are largely untapped. Both local and foreign investors can leverage on this multi-billion-dollar market. In its Economic Recovery and Growth Plan 2017 to 2020, the …

The Federal Government collected a further sum of N 26,120,477,004.00 as tax revenue from the solid minerals sector in same 2010. The total of these revenues generated in 2011 do not portray the probable revenue than can be generated from the quantum of solid mineral reserves available in Nigeria.

this is the solid minerals sector. The solid minerals sector had been targeted by the previous administration to contribute 5% to GDP by 2015 and 10% to GDP by 2020. Current contribution of the solid minerals sector to GDP averages about 0.46% To reverse this trend and initiate appreciable growth in the sector, the following are the quick

Appropriate management of solid minerals should translate or some say return Nigeria from just a minerals country to a mining country. Any industry that can generate high economic yield, income, technology and massive employment at the same time -even at the risk of price fluctuation and exhaustibility - is source of economic development.

The major destination for Nigeria's solid mineral exports for several years has been China (54%), followed by Spain (26%) and India (9%) respectively. For the first time in recent history, the three tiers of government shared 9.9 billion in 2016, being the accumulated revenues from 2007 to 2014 from the solid minerals sector.

While the mining sector was a mainstay of the economy up until the late 1960s, the focus on oil from that point on has seen the mining's share of GDP fall to 0.5% in 2019. To diversify economic activity and export composition, the government launched the Roadmap for Solid Minerals in 2016, a three-phase plan for sector revitalisation.

The annual Nigeria Extractive Industries Transparency Initiative ("NEITI") Solid Minerals Audit Report put total revenue from the sector in 2013 at N33.86 billion, and in 2014 at N55.82 billion accounting for just 0.11 percent of GDP.

5.5 Solid Minerals Revenue Account The opening balance of the account as at 1stJanuary 2020, was ₦8.89billion. This amount was distributed by FAAC among the three federating units in April 2020. The amount accrued to the account from 1stJanuary to 31stDecember, 2020, was ₦5.48 billion as shown in table 52 below.

For enquiries and suggestions, Please contact us. Call on. +2348033111888. Mail at. [email protected]. Office Hours. 8am to 4pm. 44+. There are at least 44 Mineral deposits in commercial quantities in the Country.