Lagos - Government is scaling up exploration activities in the mining sector as part of efforts to boost local industrial raw material production.
Minister of Mines and Steel, Musa Sada, disclosed this while inaugurating the board of the Nigerian Geological Survey Agency (NGSA) Eze Duru Iheoma chairs the board.
Sada said the renewed focus on exploration became expedient as government had since realized that such moves would serve as a catalyst for growth of local manufacturing and import substitution.
“Government is paying special attention now. Overall, the strategic vision is to transform Nigeria solid minerals and metals sector into a catalyst for domestic growth that provides employment to our teeming youth through primary and downstream activities and contribute significantly to the revenue generation capacity of the nation," he said.
He noted that NGSA had a major role to play in the development of the sector as most investors would rely on data and other information provided by the agency to make investment decisions.
Tasking the members of the new board to ensure that reliable data was provided to investors, he said government would continue to create an enabling environment for private sector participation in the mining sector.
The Minister cited the tile industry, which he said had the capacity to contribute to revenue generation.
"The country has risen from an importer of cement to net exporter. This can also be achieved in the tiles and paints sub-sector.”
Mining accounts for only 0.3 percent of the country's gross domestic product due to the influence of its vast oil resources.
– CAJ News