Framework for harnessing extractives for incluisive growth and development in Nigeria
The centrality of harnessing Nigeria's diversified mineral resource endowments efficiently along the value chain has been brought to the fore of public agenda with the rebased Gross Domestic Product (GDP) statistics released in 2013.The new GDP data which showed significant diversification of the economy from dependence on agriculture and oil and gas, as well as the collapse in Nigeria's crude oil export to the US due to the recent rapid development of shale oil and gas in the US seemingly come at an opportune time. These two different events will provide new economic opportunities that investors and entrepreneurs can leverage on both in the mineral and other sectors, in support of sustained economic growth and inclusive development.
There is optimistic expectation that the solid minerals sector can become a major player in the diversification of the economy, transiting from dependence on oil and gas and agriculture, as well as serving as an engine of growth of the Nigerian economy, and promoting an inclusive development in the coming decades. This viewpoint is evident in the emergence of the Minerals and Mining Act of 2007, the Minerals and Mining Regulations of 2011, the Roadmap for Solid Minerals by the Ministry of Solid Minerals and Steel, and the Presidential Retreat on Solid Minerals in 2013, which brought together all stakeholders in the sector to harmonize views and strategies on the opportunities in and challenges to optimal development of the minerals and metallurgy sector in Nigeria.