Mathew Amaechi
Nigeria’s mining sector is on the cusp of a transformative era, with experts predicting that the country can earn a staggering N37 trillion in annual revenue from mining if the sector is fully developed. This bold projection was made by Captain Dada Olaniyi Labinjo, Executive Managing Director of Silicon Valley Nigeria Economic Development Mining Company Limited (SV-NED Mining Company Ltd).
According to Labinjo, mining can be a game-changer for Nigeria’s economy, creating thousands of jobs, generating significant revenue, and promoting economic diversification. He emphasized that SV-NED is committed to playing a key role in the development of the mining sector in Nigeria.
The company’s chairman, Chief Temitope Amina Labinjo-Ajayi, praised President Bola Tinubu’s Renewed Hope Agenda, noting that the government’s efforts will have a positive impact on Nigeria’s economy. She highlighted the potential of mining to boost foreign exchange earnings, promote local content development, and ensure environmental sustainability.
As Nigeria seeks to diversify its economy and reduce its reliance on oil exports, the mining sector is poised to play a critical role. With the right policies and investments in place, Nigeria can unlock the full potential of its mining sector and reap the economic benefits that come with it.
The benefits of mining in Nigeria are innumerous. Mining activities can create thousands of jobs, both directly and indirectly, in fields such as geology, engineering, and environmental management.
Mining can generate significant revenue for the Nigerian government through taxes, royalties, and fees.It can help reduce Nigeria’s dependence on oil exports and promote economic stability.
Mining activities often require the development of infrastructure, such as roads, bridges, and energy supply systems. Mining can generate foreign exchange earnings for Nigeria through the export of minerals.
