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Plans underway to revive Nigeria's mining sector

07 September 2015, 15:03

Abuja - The Infrastructure Partnerships for African Development (iPAD) Nigeria Mining Forum is set to relaunch the country as a key mining destination.

The event is set for November 18-19 in Abuja on the back of Nigeria's mining sector presenting some opportunities for both the private and public sectors, given the country's vast natural resources and the current drop in oil prices.

According to organizers, the upcoming iPAD Nigeria Mining Forum is regarded as a long overdue strategic investment platform that will gather key role players in the country’s mining space to discuss the way forward.

iPAD Nigeria Mining Forum is organised by Spintelligent, leading Cape Town-based  trade exhibition and conference organiser, and the African office of Clarion Events Ltd, based in the United Kingdom in partnership with PricewaterhouseCoopers (PwC) Nigeria.

 “The reduction in global crude oil prices has once again highlighted the need for Nigeria to diversify the revenue base of the economy and we hold strongly that one key sector which offers great potential in achieving this is the sold minerals sector,” said Cyril Azobu, Mining Sector Leader and Head Consulting atPwC Nigeria, event partner of iPAD Nigeria Mining Forum.

Also read: FG will no longer tolerate illegal mining: Buhari

The event director, Nicole Smith, concurred saying the new government in place had a strong desire to exploit Nigeria's vastly under-exploited natural resources, which included over 40 varieties of minerals in over 500 locations.

“iPAD Nigeria will initiate and fast-track a new mineral sector reform roadmap that encourages and provides innovative business ventures and supports partnership opportunities. It will be a vital meeting place for investors, government, mining professionals and other stakeholders,” Smith said.

The north central, north east and north west regions are known to have some of the country's major mineral deposits.

Due to the persistent plague of terrorism and civil unrest, mining activity in these areas has slackened.

The solid minerals sector has been targeted by the previous administration to contribute 5 percent to gross domestic product (GDP) by 2015 and 10 percent by 2020. Current contribution of the solid minerals sector to GDP averages about 0.46 percent.

It is estimated that about 80 percent to 85 percent of current mining activities in Nigeria is via artisanal and small scale mining.

- CAJ News

Tags nigeria

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