21 June 2017, Sweetcrude, Abuja – Acting President Yemi Osinbajo has announced plans by the Federal Government to grow the contribution of the solid minerals sector to the country’s Gross Domestic Product, GDP, by $25 billion by the year 2025.
The acting vice president, who stated that this was the long-term plan of government, said the 2025 target is three percent of current GDP.
Osinbajo also said at the National Mining Conference in Abuja that the government was working to ensure the implementation of a three-year tax holiday for new investors in the mining sector.
Osinbajo said: “To encourage more entrance and more investors, the Government is working to ensure implementation of a three-year tax holiday for new investors in the mining sector.”
According to him, “The Economic Recovery and Growth Plan of the President Muhammadu Buhari administration, which targets a 7% growth by year 2020, sets a more aggressive growth rate of 8.54% for the solid mineral sector for the same period.
“The plan is to be realised principally by creating an enabling environment targeting large scale investors to institutionalised world class production standards in our countries solid sector,” the acting president stated.
Osinbajo further disclosed that the country’s mining sector will receive $600 million investment fund through the Nigerian Sovereign Investment Authority, the Nigerian Stock Exchange and others.
He expressed optimism that with the recently launched Economic Recovery and Growth Plan, the country will achieve its target of seven per cent economic growth rate by 2020, with more aggressive growth rate of 8.54 percent for the mining sector.
He added: “I am pleased to be here today joining you at this national mining summit. Importantly it underscores the earth moving task before us and the enormous opportunities. Yes we need to unearth this incredible source of growth and development for us before our continent.
“This summit marks another step towards achieving the Africa mining vision.
“That vision adopted by African heads of states back in 2009 aims at leveraging Africa vast mineral resources, to liberate the continent from the shackles of poverty and perpetual underdevelopment and to change the African narrative from the so called resource curse, mineral field conflicts, severe environmental degradation and marginalised host communities, to one of sustainable growth and social economic development underpinned by transparent, equitable and optimum exploitation of mineral resources and inclusive development.”