The Mines and Steel Development Minister has restated FG's sustainable support towards the growth of the Nigerian steel industry.
The gold is expected to become a part of Nigeria’s external reserve after being purchased by the CBN.
The gold produced is expected to become a part of Nigeria’s external reserve.
The mineral made up of barium sulphate, is mainly used in the oil and gas industry.
Two new gold refineries have been licensed by the Federal Government of Nigeria to begin producing the special metal for export.
Olamilekan Adegbite said he had set a target for the mining sector to contribute 3.0% of the nation’s GDP by 2025.
Olamilekan Adegbite said that Nigeria is aware of the exponential growth opportunities inherent in the mining sector, and is making plans to take advantage of them.
Minister of Mines and Steel Development, Olamilekan Adegbite, said plans are underway to re-start mining activities in Zamfara State.
The FG has decried the rate at which metal products are imported into the country, saying it is killing Small and Medium Scale Enterprises (SMEs).
Olamilekan Adegbite has disclosed that Chinese domination of the country’s mining sector, is no value to the development of Nigeria’s economy.
