Nigeria’s mining sector grew by 15% in 2017

0
545

The acting Executive Director of the African Centre for Leadership, Strategy and Development, Mr. Monday Osasah, has said the mining and quarrying sector has grown by 14.85 per cent from 10.7 per cent in Q4 2017.

Mr. Osasah was speaking at the 2018 National Summit on Mining with the theme: Mining in Nigeria, Issues, Challenges and the Way Forward.

“According to the 2018 first quarter GDP report released by the National Bureau of Statistics (NBS), the growth in the mining and quarrying sector (by 14.85 per cent from 10.7 per cent in Q4 2017) is clear indication of better days for the mining industry which some say is experiencing sustained improvement in its contribution to the national economy,” he said.

He further said though government had rolled out some financial schemes like the Bank of Industry (BOI), artisanal and small scale miners were still finding it difficult to access the fund because conditions attached to it were so stringent.

The Group Head, Solid Minerals, at the Bank of Industry,, Olayinka Mubarak, said qualified artisanal miners would be allowed to access between N100,000 and N10m, while small scale miners would be allowed to get from N10m to N100m.

She, however, said only nine small scale miners had been able to access the funds and that no artisanal miner had gotten the money yet.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.