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The solid minerals sector's contribution to the overall export value in 2021 stood at a modest 0.24%. The Nigeria Extractive Industries Transparency Initiative (NEITI) unveiled its 2021 report on the solid minerals industry on Monday, revealing that the federal government generated ₦193.59 billion from this sector.
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The Ministry of Solid Minerals Development is determined to ensure that the solid minerals sector's contribution to Nigeria's Gross Domestic Product (GDP) surpasses that of oil, the minister, Dr Dele Alake, has said. Alake stated this in an interview...
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The ministry is determined to ensure that the solid minerals sector's contribution to Nigeria's Gross Domestic Product (GDP) surpasses that of oil. Recommended articles.
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preliminary graphical study of the trend in solid minerals contribution to Nigeria's real gdp shows that over time, the linkage of solid minerals to the real sector steadily declined with a couple of structural breaks. However, Result reveals a possible long run interaction amidst solid minerals, capital accumulation and real exchange rate and
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Dele Alake, minister of solid minerals development, has expressed his commitment to ensuring the solid minerals sector contributes more to Nigeria's gross domestic product (GDP) than the oil sector.
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The Solid Minerals Development Fund (the "SMDF" or "Fund") is a sovereign Fund established by the Government of Nigeria to drive and catalyse private sector-led investments in Nigeria's mining sector. ... promote the growth of Nigeria's mining sector and improve economic parameters such as job creation and mining sector contribution ...
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This contribution, though negligible is commendable owing to the fact that successive administrations in Nigeria have paid scant attention to the development of the solid minerals …
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In 2015, the contribution of solid minerals to total exports was slightly higher at about 0.2%. SOLID MINERALS REVENUE The Freight on Board (FOB) value of the solid mineral exports (in US dollars) in 2016 was $40.93 million (USD) …
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Solid mineral has a huge potential to serve as a catalyst for boosting Nigeria's industrialization and by extension, the Sector's contribution to the nations GDP. The processing and refining of raw minerals into finished products open a large pool of market, both domestically and internationally.
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The solid minerals contribution to export value in 2021 was a meagre 0.24%. The First Pat Nigeria Limited based in Ebonyi state accounted for 44.26% of the total export value. China was identified as the principal destination of Nigeria's mineral exports, accounting for 97% and 88% of the export volume and value. ...
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Using the time series data for real exchange rate, real gdp, solid mineral output, and gross capital formation, a preliminary graphical study of the trend in solid minerals contribution to …
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However, these efforts only led to a stunted growth in the sector; with the sector's contributions to the nation's Gross Domestic Product (GDP) ... (AFC) and the Solid Minerals Development Fund (SMDF) partnered to co-fund and co-develop commercial scale 'eligible' mining projects in Nigeria. The partnership, through a dedicated project ...
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bulletin 2018 established that the contribution of solid mineral grew marginally from 0.09 percent in 2011 to 0.11 in 2017. However, studies have been conducted on solid mineral in Nigeria (Ajie et al., 2019, Mbah and Magbemena, 2019 and Adenugba and Dipo, 2013), but none of …
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The Federal Government has noted that contribution by the solid mineral industry to the nation's economy may have risen to about 11 percent in the past one year.
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The Ministry of Solid Minerals Development is determined to ensure that the solid minerals sector's contribution to Nigeria's Gross Domestic Product (GDP) surpasses that of oil, the minister, Dr Dele Alake, has said. Alake stated this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.
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Solid mineral production volume and value for 3-years period The Nigerian mining and quarrying sector recorded a total volume of 123.88 million metric tonnes for 3 years, that is, from 2016 through 2018 with a total value of N114.74 billion. Interestingly, the sector recorded 22 per cent growth in production in 2018 when compared to 35.33 million metric tonnes recorded …
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SOLID MINERALS: HARNESSING NIGERIA'S VIABLE ALTERNATIVE RESOURCE TO CRUDE OIL On record, by a marginal growth of 0.55 percent in gross domestic product ("GDP") in the second ... Abuja, contribution of the solid mineral sector to overall GDP remains abysmally low and lags behind the figures for major African peers such as Guinea, Botswana ...
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In terms of contribution to government revenue, the report disclosed the solid minerals sector contributed just 2.62 percent of the government's N6.63 trillion total revenue.
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Nigeria Extractive Industries Transparency Initiative (NEITI) NEITI HOUSE 121, Danladi Kifasi Close, Wuye District, Abuja. +234 9 2905984 [email protected]
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Using the time series data for real exchange rate, real GDP, solid mineral output, and gross capital formation, a preliminary graphical study of the trend in solid minerals contribution to …
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This contribution, though negligible is commendable owing to the fact that ... The solid mineral sector is currently underexploited and a study of the sector forms part of a broader attempt by the World Bank to analyze key issues in . International Journal of Humanities, Art and Social Studies (IJHAS), Vol. 4, , February 2019 ...
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Boost Industrialization and Increase Mining Contribution to GDP; Solid mineral has a huge potential to serve as a catalyst for boosting Nigeria's industrialization and by extension, the Sector's contribution to the nations GDP. The processing and refining of raw minerals into finished products open a large pool of market, both domestically and ...
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States of the Federation Contribution to Solid Minerals Production @NigeriaEITI Ogun, Kogi, Edo, Cross River and FCT were the top solid mineral producing …
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metallic mineral mining represented about 55 percent of mining employment, 53 percent of labor income and 50 percent of its contribution to GDP.3 Table 1. Economic Contribution of U.S. Mining Operations by Segment Sector Coal Mining Metal Ore Mining Non-metallic Mineral Mining Total Employment Direct 90,170 96,011 272,950 459,130
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while Solid Minerals contribution to gross Domestic Product (SGDP) which stood as the dependent variable. The paper contributes to existing studies by using the multiple regression analysis to formulate the model and an Ordinary Least Square method of estimation was used in testing whether the set of independent variables explained the ...
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For instance, Nigeria is a nation rich in resources, with about 44 different types of solid minerals located in 500 areas across the country. In fact, these resources are supposed to be …
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During a meeting with Zamfara State Governor Dauda Lawal, the Minister of Solid Minerals Development, Dr. Dele Alake, stressed the strategic importance of Zamfara to Nigeria's mining sector.
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Solid mineral has a huge potential to serve as a catalyst for boosting Nigeria's industrialization and by extension, the Sector's contribution to the nations GDP. The …
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"Our objective is to make solid minerals' contribution to the GDP surpass oil," said Mr Alake, who decried the country's long dependence on oil and neglect of other critical sectors. Mr Alake said the move was necessary, especially given the global upsurge in energy transition, which would reduce the demand for oil. ...
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