Do you know that the solid minerals sector may very well be Nigeria’s next economic powerhouse if well invested in by the Federal Government?
Many Nigerians have the opinion that the sector holds quite a lot for the economy.
Describing the solid minerals sector, the Acting Chairman of the Federal Internal Revenue Service (FIRS), Zaccheaus Adedeji, tagged it the golden goose.
‘Our Next Oil’
The Acting Chairman of the FIRS revealed that a calculated investment in the solid minerals sector could boost the Nigerian economy and contribute to the Gross Domestic Product (GDP) growth.
Adedeji said the Federal Government could grow the sector to shore up earnings into the Federation Account.
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He made this statement during a visit to the Minister of Solid Minerals Development, Oladele Alake, in Abuja.
According to him, “if we get it right, it means the future of Nigeria is secured.
“The solid mineral sector is our next oil and that is why we are here. We are getting it right here.
“We are confident that, having Dr. Oladele Alake, as the Minister of Solid Minerals, half of our job is secured.”
Tax Revenue Generation
Adedeji revealed that its highest taxable limit at 18% of the Gross Domestic Product (GDP), is a stark contrast to the declining oil and gas sector, which currently contributes 78%.
Dele Alake said Tinubu’s determination to improve the well-being of the people is the cornerstone of the administration’s vision and agenda.
At another forum, Alake reiterated the government’s commitment to data gathering on mineral deposits in the land.
He spoke while hosting the President/Chief Executive Officer, of Africa Finance Corporation (AFC), Samaila Zubairu, in Abuja.
According to the Minister, the solid mineral sector’s transformation into a revenue-generating cornerstone is on Tinubu’s agenda list.
Tinubu Revamping Solid Mineral Sector
Alaba Balogun is the spokesman for the ministry. He conveyed Alake’s appreciation for AFC’s backing of the Tinubu administration’s efforts to revamp the solid minerals sector.
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He said: “All our efforts geared towards making Nigeria a destination for solid minerals will be futile if the nation doesn’t improve on data gathering.
Data Is Key To Sector’s Transformation
“We are investing heavily in data generation that will empower and enable investors to make informed decisions.
“The ministry will develop the necessary data needed to advance the $700 billion value under the ground under the big data strategy”.
Furthermore, Alake said this administration has shifted attention from fossil fuel to solid minerals as viable alternatives.
