The Federal Government on Thursday reaffirmed its ambition to expand Nigeria’s solid minerals industry 25-fold to about N30tn, equivalent to approximately $21bn, by 2030 as reforms in the sector continue to attract fresh investments and significantly increase government revenue.
The Executive Secretary and Chief Executive Officer of the SMDF, Fatima Shinkafi, made the disclosure while delivering the keynote address titled, “Building Nigeria’s Solid Minerals Future: The Power of Academia, Government and Industry in Partnership,” at the maiden Faculty of Physical and Earth Sciences Annual Lecture Series of the University of Lagos.
“The Federal Government’s target is a 25-fold expansion of the sector, to roughly N30tn (about US$21bn) by 2030,” Shinkafi said.
This was disclosed in a statement signed by the spokesperson for the Solid Minerals Development Fund, Idowu Jokpeyibo.
She said the federal government’s ongoing reforms in the mining sector had increased federation revenue by more than 337 per cent within two years while attracting about $2.6bn in fresh investment commitments.
