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Mining to contribute 2 per cent to GDP in 2016 – Minister

20 March 2015, 07:00

Abuja - Musa Sada, the Minister of Mines and Steel Development, said the contribution of mining sector to the GDP would increase from 0.5 per to 2 per cent in 2016.

Sada said this when he visited the Tongyi Allied Mining Ltd (Chinese mining company) to assess its activities in Abuja on Thursday.

He said that right now the mining sector had been contributing between 0.5 to 0.6 per cent to the country’s GDP.

The minister said if the roadmap on mining was implemented accordingly in next two years, the sector would be contributing two per cent to GDP.

Also Read: Zambia ex-minister guilty of corruption

He said illegal mining had posed serious threats as it had been denying the country a lot of revenue.

He said the government would evolve necessary measures to checkmate the menace, to ensure the development and transformation of the sector.

The minister said major mining companies were expected to pay their taxes regularly as the major sources of revenue for the country.

Sada said the government had established specific Fiscal Policy for Mining and was processing the establishment of Mining Tax Act, to ensure development of mining and diversification of economy.

He said once any country got the mining sector right, every sectors of the economy would also be right, adding that every sector had relationship with mining.

The minister said Nigeria must get mining right to achieve its industrial revolution plan, adding that it was a key factor to the plan.

The minister advised mining companies to comply with the environmental laws to avoid being sanctioned.

Also Read: Zim cops claim gold rush

Zheng You, the Chairman of the company, said the firm had been working hard to develop the mining sector to ensure the country realised its Vision 20:2020.

“Our company has worked out long term development strategy in Nigeria. We have continuously discharged our social obligations in line with acceptable local and international standard,” he said.

He said the company, which was established in 2009, had created 1,500 jobs, built schools in mining communities, developed the economy, mining information database and completed mining industry chain.

The chairman said the company had mining sites in Zamfara, Katsina, Bauchi, Plateau, Ebonyi, Kaduna, Niger, Nasarawa and Taraba states.

He said the company was into mining of gold, silver, cooper, tin, molybdenum, tungsten, beryllium, lead/zinc, and crystal.

“Nigeria possesses a broad and promising market prospect and great investment potential. The company has laid a firm foundation in Nigeria mining industry to achieve win-win development.”

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