Lagos — Minister of Mines and Steel Development, Chief Sarafa Isola, has said that the seven strategic minerals in the sector can contribute 80 per cent of the Gross Domestic Product (GDP).
The minerals are coal, bitumen, barytes, gold, limestone, iron ore, lead and zinc. The minister told newsmen in Abuja on Sunday night that the minerals were world class and were carefully chosen because of their economic viability.
Isola said that the minerals existed in sufficient quantities to sustain mining operations for many years. "Development of the minerals would enhance infrastructure development across the nation since they exist in the six geo-political zones of the country," he said. Isola noted that coal, with an estimated reserve of 2,734 million tonnes, would be exploited primarily for power generation.
He said bitumen had more than 43 billion barrels of crude oil equivalent, while iron ore had an estimated reserve of five billion tonnes. Isola said limestone had a reserve of 568 million tonnes and barytes, 21 million tonnes.
He said gold, reported in 10 locations, had more than 50,000 ounces, adding that "survey is ongoing to discover the resource in other locations. "The list also includes over two million tonnes of lead/zinc in two states, while several other deposits are still being evaluated."
Isola said that the minerals when developed would fast-tract the country's goa of vision 2020 and position Nigeria on the mining map of the world.
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This is the reason why 50% derivation share of proceeds from each state of the federation would promote competition among the states to conduct Research and Development that would encourage each state to find, produce and trade in what is in their comparative advantage. As a result, each state would grow at their pace without saddling other states down. Gradually, our collective economies would grow as a nation instead of the current approach of just depending on crude oil proceeds from the delta. We need to think outside the box if our leaders have any common sense at all beyond their greed and avarice that bothers on exploitation of the weak.
THERE MAY BE NO END TO OIL,AND GAS STEALING IN NIGERIA.NOW THERE IS A PLAN TO PIPE OUR GAS ACROSS THE SAHARA TO EUROPE. THIS WILL BE THE WAY OUR PAST COLONIAL POWERS WILL SOCK US TO DEATH.I HAVE NEVER SEEN A COUNTRY THAT HAS DONE THIS.HOW CAN WE KEEP TRACK OF THE AMT OF GAS PIPED OVER TO THEM? OUR PRESS SHOULD INVESTIGATE THIS STORY,AND FIND OUT FROM OUR GOVTS OF NORTHERN STATES WHY SUCH A DEAL WAS CONCLUDED WHILE THE GREATER PARTS OF NIGERIA DO NOT YET BENEFIT FROM THE GAS PRODUCED IN THE COUNTRY.LET THIS NOT BE LIKE THE BAKASSI ISSUE FROM WHICH THE PUBLIC WAS BLANKETTED FROM THE TRUTH.