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Nigeria to Export Precious, Base Minerals to Diversify Oil-Based Economy

Posted on: Tuesday, 5 July 2005, 09:01 CDT

Nigeria to export precious, base minerals to diversify oil-based economy

ABUJA, July 4 (Xinhua) -- The Nigerian government is set to explore and promote some precious and base metals for the export market to diversifying the nation's single-product oil-based economy.

Elder Odion Ugbesia, minister of solid minerals development, told reporters Monday at a news briefing in the capital Abuja his ministry "will develop precious metals like gold, silver and platinum to make them exportable."

The ministry would also develop base metals like lead, zinc and tantalite for export, he said, adding that it planned to achieve this "through joint ventures with parastatal agencies."

He said the overall benefit was the development of the solid minerals sector to position it to become a major revenue earner for the country.

"Strengthening the sector by developing these minerals will help the country to diversify from dependence on oil alone," he said.

The minister said these minerals were mined at artisanal level now so it was not raking in the desired revenue, rather, the artisanal miners were exploited for cheap labor.

As a result, he said "there is the need to formalize and strengthen the informal or artisanal sector to become a virile and sustainable one."

"The artisanal industry will be transformed and its full potentials exploited for maximum benefit both to the miners and the nation in general," he said.

According to Ugbesia, the Nigerian government is interested in developing precious and base minerals for export to boost revenue and to improve the lot of the miners.

Nigeria is Africa's top oil producer, turning out some 2.2 million a barrel a day for export.

Source: Xinhua News Agency - CEIS

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