Developing The Solid Minerals Sector: Quick Wins For The New Government

There is no doubt that the new administration is confronted with a huge financial burden partly caused by the reduced federation revenues which have been largely sourced from proceeds of crude oil sales.

The reduction in global crude oil prices is not expected to reverse at least in the short run, thus the need to diversify the economy towards improving other sources of revenue. One key sector which offers great potential in achieving this is the solid minerals sector.

The solid minerals sector had been targeted by the previous administration to contribute 5% to GDP by 2015 and 10% to GDP by 2020. Current contribution of the solid minerals sector to GDP averages about 0.46%

To reverse this trend and initiate appreciable growth in the sector, the following are the quick wins the new administration should explore.