The Ministry of Mines and Steel Development says it has exceeded its 2022 revenue target of about N7 billion, and may hit about N10 billion by the year end.
The Minister, Olamilekan Adegbite, who said this yesterday when he visited the News Agency of Nigeria (NAN) in Abuja, said the Ministry’s N7 billion target was exceeded in September, adding that the mining sector has the capacity to contribute more to the economy.
The Minister said the sector currently contributes one per cent to the economy, and can contribute up to 10% to the Gross Domestic Product (GDP) when fully funded and developed.
According to him, we set a target of three per cent for the sector by 2025 and we are on our way to achieving that.
“We have exceeded our revenue target for the year as at September. The target for the year was put at around N7 billion. I think that by the end of the year, we might hit N10 billion.
“I believe this is growing from a paltry sum of two billion in 2015. Last year, we made nine billion.
“Yes, N10 billion is too small when you look at the overall revenue of the government, but it is a giant leap for us. From N2 billion, we have gone to N10 billion,” he said.
Adegbite also informed that the Ministry is collaborating with other Ministries, Departments and Agencies (MDAs), including the Nigeria Export Promotion Council (NEPC), and the Ministry of Industry, Trade and Investment.
Others are the Ministry of Interior, and Nigeria Customs Service (NCS) to ensure the country derives the desired value from the sector.
Earlier, the Minister, who visited the Managing Director of NAN, Buki Ponle, said he was at the agency to educate the public on the scorecard of the Ministry under President Muhammadu Buhari.
Ponle commended the Minister’s efforts toward ensuring the equitable distribution of solid minerals among states. (NAN)
Yes, N10 billion is too small when you look at the overall revenue of the government, but it is a giant leap for us. From N2 billion, we have gone to N10 billion.
