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FG boosts revenue generation by 26.7%

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Osinbajo commissions Kano River irrigation scheme, says project offers life-changing opportunities for farming communities

BY EMEKA EJERE

The Federal Government recorded 26.7 per cent increase in revenue generation from 2019 to 2020, the vice president, Prof Yemi Osinbajo, revealed.

Osinbajo, who stated this virtually on Tuesday at the fifth Nigeria Mining week, entitled ‘Seven compelling reasons to invest in Nigeria’s mining sector’, noted that while the government believes the increase is encouraging, it recognises that there is still work to be done.

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He added that by providing off-take opportunities through the establishment of precious metal buying centres, it serves as a spur for small and medium scale mining investments, while its refinery symbolises its focus on value addition in gold and precious metals.

He said: “It is significant that within the space of a year, we have recorded a 26.7 per cent increase in revenue generation from 2019 to 2020. But while this is encouraging, we recognise that there is still a lot of work to be done.

“That is why this forum is so important. We are privileged to have in attendance, so many distinguished experts and resource persons that deeply understand governance vis-à-vis the mining sector in Nigeria.

“By providing off-take opportunities through the establishment of precious metals buying centres, it serves as a spur for more small and medium scale mining investment, while its refinery symbolises its focus on value addition in the gold and precious metals industry in Nigeria and West Africa.”

Minister of Mines and Steel Development, Olamilekan Adegbite said the government had adopted a forward-thinking approach by developing the strategic minerals of the future.

According to him, hese include minor metals such as titanium and cobalt, which are vital to futuristic industries such as telecoms and electric vehicle manufacturing.

He said: “We have also adopted a forward-thinking approach by developing the strategic minerals of the future. These include minor metals such as titanium and cobalt, which are vital to futuristic industries such as telecoms and electric vehicle manufacturing.

“Out of the 44-mineral endowment, seven were selected for immediate development. They are coal, iron ore, bitumen, gold, limestone, lead-zinc, and barite.

“We have also adopted a forward-thinking approach by developing the strategic minerals of the future. These include minor metals such as titanium and cobalt, which are vital to futuristic industries such as telecoms and electric vehicle manufacturing.”

 

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