The Ministry of Mines and Steel Development said it contributed N3.5 billion to the Federation Account in 2017. Dr Kayode Fayemi, the Minister of the sector, disclosed this at the 2017 end of the year ministerial briefing on Thursday in Abuja. Fayemi said the ministry made steady progress in 2017, adding that as at November, the sector had already surpassed the entire revenue of about N2 billion generated in 2016.
“In 2017, the ministry featured in the story of our journey to economic recovery and consolidation; the GDP figures for second quarter 2017, the Nigerian Bureau of Statistics indicated that the economy grew by 0.55 per cent. ” The improved performance was not only the Oil and Gas sector, but other economic activities like mining; the sector grew by 2.24 per cent in that quarter.
“The mining sector remains a critical factor in the implementation of the Economic Recovery and Growth Plan (2017-2020) which projects that the minerals and metals sector will be one of those that will drive Nigeria’s recovery. It is also expected to grow sectoral contribution to GDP from N103 billion (2015) to N141 billion in 2020, at an average annual growth rate of 8.54 per cent.