THE Ministry of Mines and Steel Development has realised 300 percent increase in royalty and fees generated in 2016 compared to 2015.
According to a report, the ministry realised N2.1 billion in 2016 as against the N700 million realised in 2015.
“This signifies that between 2015 and 2016, there was 300 percent margin, while in 2017, it went up from N2.1 billion to more than N3.5 billion.
“There was 60 percent increase between 2016 and 2017 on revenue generated,’’ it said.
The report also said the National Bureau of Statistics (NBS), had declared that the mining and quarrying sector contributed 8.27 percent to the overall Gross Domestic Product (GDP) in the first quarter of 2017.
According to the report, in 2017, the mining sector featured strongly in economic recovery and consolidation.
It added that the re-emergence of the national economy from recession was reportedly propelled partly by the continued good performance of the agriculture and solid minerals sectors.
The report said the ministry identified gold, bitumen, limestone, coal, barite, lead and zinc as key minerals to the industrialisation process.
It added that efforts had been put in place to design and advocate local content development initiatives in the mineral sector.
ALSO READ: Minister expresses worry over low investment in mining sector
It said a good example of the plan was the ‘Africa Gemstones and Jewelers Exhibition and Seminar’ that showcased gemstones and minerals mined in Nigeria.
The report said the ministry had identified and promoted beneficiation projects, reviewed and aligned International agreements to create space for mineral resource based industrialisation and development.
The post Ministry realises 300 percent increase in mining royalty, fees appeared first on Tribune.