Min Of Mines & Steel To Increase Contribution To GDP From 0.5%To 5% By 2025

7 July 2021 By Georgina Humphrey

Ministry of Mines and Steel Development says plans are underway to ensure that revenue accruals from the mining sector is properly channeled into the Federation account and utilized for development of the country.

The Minister of Mines and Steel Development, Olamilekan Adegbite stated this when the Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China, Mr. Cui Jianchun, paid him a visit in Abuja.

He explained that channeling the revenue to the federation account is
Part of government’s continued efforts to ensure the delivery of its statutory and Presidential mandate to grow the sector’s contribution to the Gross Domestic Product (GDP), from 0.6% to 5% by year 2025,

Adegbite who noted that Nigeria had always enjoyed good relationship with China, stated that investment by China in mining would immensely be beneficial to both countries.

On his part, the Minister of State, Dr Uchechukwu Sampson Ogah, while reiterating the need for committed Chinese investors in the mining sector, requested that a Mineral Desk be opened at the Chinese Embassy for easy tackling of issues emanating from Chinese operators in the Nigerian Mining Sector.

Ogah who revealed that the highest investors in mining in the country are the Chinese however stated that most of them are illegal miners, as many have been caught engaging in illegal mining activities.

He called for synergy in combating illegal mining in Nigeria to boost bilateral relations between the two countries.

Earlier, the Ambassador Extraordinary and Plenipotentiary to the People’s Republic of China, Mr. Cui Jianchun, who revealed he had been in Nigeria for 100 days, stated that it was time to leverage on the good relations China has enjoyed with Nigeria for 50 years, and deepen the partnership as there are huge potential for Chinese investors and government in Nigeria.

Mr. Cui Jianchun expressed China’s willingness to work with Nigeria for the benefit of both countries.

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