Published On: Mon, Jul 10th, 2017

Nigeria explores mining to stimulate stressed economy

Nigeria Mining Week.

ABUJA, (CAJ News) – NIGERIA, Africa’s biggest economy nonetheless undergoing a recession, is intensifying efforts to explore opportunities in the mining sector.This is part of a drive to diversify the economy from the struggling oil industry.In October, over 500 mining and industrial professionals, will in Abuja for the Nigeria Mining Week.
Some 30 key exhibitors and sponsors have been confirmed.Miners Association of Nigeria, in partnership with Spintelligent and PwC Nigeria, are organising Nigeria Mining Week.“Nigeria is on the mining map and the sector is working hard to prepare its road map because ultimately, there are enormous investment opportunities in the Nigerian mining sector,” said Elodie Delagneau, event director.
She said despite signs of recession and low global commodity prices, the Nigerian mining industry had witnessed some phenomenal developments within the past ten months.However, progress still needs to be made to develop the sector, and bring about the required grassroot impact for a country in dire need of alternative sources of foreign exchange.“This is expected to be achieved in the medium to longer term within the Nigerian mining sector,” Delagneau said.
Nigeria is looking for investments of $7 billion in mining and steel over the next decade as it seeks to develop gold and iron ore extraction industries to diversify its oil-dependent economy.It aims to increase mining’s contribution to gross domestic product from 0,3 percent in 2015 to 7 percent within a decade: from $1,44 billion to $33,67 billion.
– CAJ News

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