Breakfast Report - 22 August 2016
As part of efforts to diversify the economy, the Federal Government of Nigeria is seeking $7 billion to revive the Mining and Steel Industry in a bid to meet Nigeria’s annual steel demand of 6.8 million metric tons (Nigeria currently produces about 2.3 million metric tons annually mainly from scrap metals) and reach the targeted 7% GDP contribution (currently at 0.3%) of the Mining sector within a decade. Addressing concerns expressed by foreign investors, the Minister of Solid Minerals Investment – Dr. Kayode Fayemi stated that plans to put in place legislation allowing for full foreign ownership of projects, ensuring certainty in regulatory environment and efficiency in the sector are under way. Although, this is not expected to bear fruits in the short term given the long term nature of mining investments, we think it is a step in the right direction in weaning Nigeria of its dependence on oil revenues.​
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