The Federal Government has projected that the mining sector would raise employment from the current 0.3 per cent to 500,000 jobs by 2030 amid expectations of attracting $1bn in foreign direct investment annually by 2025.
The government also targeted increasing the sector’s contribution to the Gross Domestic Product to eight per cent by 2030 and 10 per cent by 2035 as part of efforts to deepen economic diversification and industrial growth.
These targets are contained in the Nigerian Industrial Policy unveiled on Tuesday in Abuja, where the government outlined strategies to unlock the potential of the country’s mineral resources.
The policy document stated that “the share of the mining sector in total GDP is expected to be eight per cent by 2030 and 10 per cent by 2035”, noting that the sector has recorded significant growth in recent years but remains below its full potential.
The document noted that the mining industry attracted $100m in FDI in 2022, up from $78m in 2019, with investments from countries including China, Brazil, and India. It added, “The outlook of this industry is bright, as the government is projecting that it will bring in $1 bn of FDI annually by 2025.”
