Nigeria is embarking on a long- term development for its mining sector in order to boot investment.
This is in a bid to reduce over reliance on the oil sector which provides 70% of government revenues, but a slump in crude prices has pushed Nigeria into recession.
The Mining Minister, Kayode Fayemi says that Nigeria has largely untapped deposits of 44 minerals, which include gold, iron ore, coal, tin and zinc, in more than 500 locations spread across the nation.
The west African economy has been trying to attract foreign mining firms. Currently, the only significant foreign investor in the sector, where 80 percent of mining is carried out on an artisanal basis, is Australia’s Kogi Iron.
Currently, mining accounts for just 0.3% of the country’s GDP but Nigeria hopes that the sector will contribute up to 10 % of the GDP over the next decade.