FG, others target $50b revenue from extractive sector

GIVEN the right policies, strategic framework and government interventions and commitment to the extractive industry, Nigeria can add about $50 billion to its gross domestic product from solid minerals alone.

These were assertions made by the Federal Government and stakeholders at the 4th Sustainability in the Extractive Industries (SITEI) conference organized by CSR-in-Action yesterday in Abuja.

In an address at the meeting with the theme on ‘Unlocking the hidden potential in the extractive industries,’ the newly appointed Minister for Solid Minerals development, Dr. Kayode Fayemi, who was represented by the Minister for State, Abubakar Bwari highlighted development benefits in the sector.

Fayemi noted that necessary action must be taken to reposition the sector with 44 mineral types distributed at more than 500 locations across the nation for sustainable growth in order to maximize progressive gains from the extractive industry.

He listed the benefits to include “harnessing investment in Geoscience data generation to attract global capital to the sector, improve on human capacity development required to drive the sector.

Fayemi maintained that fixing infrastructural deficits and ensuring political and macro-economic stability are other avenues to reap from these natural mining resources.

Chairman, Editorial Board of The Guardian Newspapers and CSR-In-Action Board of Trustees, Prof. Wole Omole stressed that the CSR-In-Action conference aims to renew political commitment, assess progress and address challenges.

Omole added that emphasis of discussion would also hinge on access progress on Nigeria’s commitment, framework to sustainable development, look into gaps in progress and evaluate the success of outcomes of these frameworks.

Chairman of the organising committee of the 4th SITEI conference, Meka Olowola noted that the conclusion of the meeting will ensure “the cross-fertilization of ideas with government and formulate a working group that is going to make sure that there is the actualization of the communiqué that comes out of this conference.”