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Nigeria Adopts Development Plan For Mining Sector, Renames Ministry

Channels Television  
Updated August 31, 2016

Nigeria, Mining sector, Muhammadu BuhariThe Federal Executive Council has approved a road map for the growth and development of Nigeria’s mining industry.

The road map, which is to outline the contribution of mining to the growth of the GDP, is said to be in line with the vision of President Muhammadu Buhari’s administration to diversify the economy away from oil.

Name Of Ministry Of Mining Changed

The Minister in charge of the mining sector, Dr. Kayode Fayemi, in company of the Minister of Information, Mr Lai Mohammed, briefed reporters on the outcome of the meeting held in Abuja, Nigeria’s capital.

Dr. Fayemi said the road map which was an offshoot of that of 2012, approved the setting up of an independent agency to regulate the industry.

He hinted reporters that the name of Ministry of Mining and Solid Minerals has also been changed to the Ministry of Mining and Steel Development.

Meanwhile, the University of Lagos and the University of Ibadan also got contract approved for the construction of a university library and international hall respectively during the meeting presided over by President Buhari on Wednesday.

Electronic Wallet Technology

The Federal Government similarly approved the renewal of contract for the electronic wallet technology platform for delivery of fertiliser to small-holder farmers in Nigeria.

The government also assented to a bill for the 2016-2018 external borrowing rolling plan to be sent to the National Assembly.