Nigerian Mining Sector Watch

The Nigerian economy, like that of many other countries, continue to face headwinds - from low revenue generating capacity, high inflation, currency depreciation, high interest rates, food crisis to insecurity. These negative imprints are the aftermath of the COVID-19 pandemic (and its sudden resurgence in some parts of the world), climate change and the Russia-Ukraine War.

Amidst the above, the Federal Government of Nigeria (FG or "the Government") has remained committed to the agenda of stimulating the economy and growing the country's Gross Domestic Product (GDP) through diversification from crude oil, with a major focus on taxation and mining. For example, the 2023 revenue projection from the mineral and mining sector (based on the 2023 budget proposal presented by President to the legislature) is expected to increase from ?2.92Billion in 2022 to ?3.64Billion, representing a 25% increment over 2022. The FG's agenda has led to improved collaboration amongst