‘Nigeria losing huge revenues in mining’


Olamilekan Adegbite

Minister of Mines and Steel Development, Olamilekan Adegbite

The Minister of Mines and Steel Development, Olamilekan Adegbite, has said Nigeria is losing huge revenue as well as value in the mining sector due to the fact that solid minerals were mined and exported in their raw form.

He noted that the raw materials were subsequently refined and imported into the country and sold at exorbitant prices.

He said this during a TVC News live interview monitored in Abuja on Tuesday.

He said, “Nigeria loses a lot of value not just in terms of the money realisable but also in terms of jobs we export with our raw ores.”

He cited an example of gold, which he said was mined in Nigeria and refined elsewhere.

“When we mine gold in Nigeria, for instance, we take it in the dull form to Dubai.

“The same quantum of gold is manipulated with skills into jewellery and all that, and we go back to buy the same quantum of gold.”

He added that the ministry was making efforts to curb the loss and boost the mining sector.

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