The World Bank has concluded a $123.5 million deal with the Nigerian government. Victor Carrieia, a World Bank Consultant said the deal is for the exploration of industrial minerals in Nigeria.
Carrieia, who made the disclosure while unveiling the Industrial Minerals Roadmap, a plan that will be implemented over a period of 5 years, said there was no need for Nigerians to import some minerals. He noted that the World Bank will explore areas to use the minerals as well as support the drive to project them in the country.
According to him “we need geosciences data and legal framework to enable us to work towards actualising the plan for Nigeria. This would make the government diversify its economy”.
The Minister of State for Mines and Steel Development, Abubakar Bwari said the implementation of the project will facilitate inter-sector linkages and import substitution. Bwari noted that “in 2016, we launched a roadmap that seeks to build a world-class minerals and mining ecosystem. This will serve targeted domestic and export markets as well as wining over domestic users”.
Bwari revealed that the Nigerian government’s desire is to implement strategies that could close the gap that currently exists in local production but is being addressed with an importation cost of $44.5 million.
The Minister noted that industrial minerals, which could be developed and exploited to fill the lapse for export to attract foreign exchange earnings, exists in the country.
The solid mineral resources found in Nigeria are yet to be fully utilised to grow the country’s economy. If the multiple mineral resources available are well harnessed, Nigeria will be in the league of nations leading mineral explorations.