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Nigeria targets 25 bln USD annual income from mining investment: official

Xinhua, April 12, 2016 Adjust font size:

Nigeria's mining sector will record an annual income of 25 billion U.S. dollars in revenue by the year 2025 if the government continues to encourage heavy investment in that area of the economy, Minister of Solid Minerals Development Kayode Fayemi said on Tuesday.

To meet up with that target, he told reporters, the federal government has already concluded plans to meet with all 36 provincial governments to simplify access to land by investors in the mining industry.

"Only 0.24 percent of the country's GDP comes from the mining industry, but with continuous investment in that sector, Nigeria is expected to earn 25 billion dollars per annum by the year 2025," he said.

The official noted mining is one key sector of the Nigerian economy and urged government at all levels to work closely to further attract investors for its sustainable development.

Fayemi said it was in this light that the Nigerian government concluded plans to soon unveil a guidebook which will provide "far-reaching views and opinions" toward developing and growing the industry. Endit