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Nigeria Undermining Solid Minerals Industry – Expert

 40 Secs Read

A consultant geologist in Nigeria believes the country is not getting as much as she should from the solid minerals industry.

Chief Oyewola Oworu , who is an expert in the field, made it known that Nigeria can get as much as $60b each year from the industry if well harnessed.

Oyewola made this known yesterday in Lagos during an event that focused on the solid minerals sector of the country.

He told newsmen that if things are properly managed, Nigeria can get at least $50B from iron ore alone each year.

According to him, there are about seven minerals that had been selected to be produced in commercial quantity to generate about $ 27 bn for the country six years from now.

He also believe that the reason the sector had not fulfilled its potential was because of bad legislation as well as the lack of adequate funding.

Oworu lauded the current government for stepping up to create legislation and financial support for the sector. According to him, their acts are now bringing other investors to exploit what the country have .

Although Nigeria still relies fully on crude oil despite being enriched with tons of other resources, there have been various steps taken by the government to diversify.

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