September 24, 2017

Nigeria to revamp mining licences

In a development which reflects efforts to diversify its resources portfolio from oil dependency, Nigeria is reviewing all its mining licences, the country’s mining minister, Kayode Fayemi has revealed in a statement.

“We will work with stakeholders to review existing licences and bring them up to date where there are issues,” states Fayemi.

Solid minerals only contribute 0.34% to the GDP, according to data from the country’s mining ministry.

Nigeria is believed to have huge gold and iron deposits which have not been explored. Currently, mining is done by artisans; it is unexplored Eden.

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