Because we feel we have the money, and because petro-dollars had blinded us

Nigeria currently imports significant amounts of coal and iron ore despite huge deposits of the mineral resources in the country, the Federal Government has said.

The Federal Government said this in a document entitled: ‘Road map for the Growth and Development of the Nigerian Mining Industry’, with the forward written by the Minister of Mines and Steel Development, Dr. Kayode Fayemi.

According to the report, the country was also importing barites until 2003 when the Federal Government banned its importation, adding that the country had since become a net exporter of barites.

The report stated, “Today, mineral production data in Nigerian mining is unclear and inadequate. A reasonable conclusion can be drawn that the industry is constrained. However, given the historical under-reporting of production by existing firms, together with the fact that most of Nigeria’s mineral production is conducted by artisanal miners, it is believed that the production figures are understated.
“Mineral revenues are often in one of the two markets: local consumption and exports. Local consumption accounts for majority of the market, as minerals contributed only about 0.02 per cent of the reported exports in 2012.

“In a number of cases, the excess of demand over local production makes Nigeria a net importer of minerals. This is despite the presence of huge potential for some of these minerals, highlighting the market opportunity that exists from import substitution.

“For example, Nigeria imports significant amounts of coal and iron ore despite the potential endowment it has. Nigeria used to import barites until 2003 when the government banned imports to boost production.”

The report added that the sector contributed approximately 0.33 per cent to the Gross Domestic Product of the country in 2015 and that the contribution was a reversal from the historically higher percentages contributed by the solid minerals sector.

One of the most critical factors for creating an enabling environment for exploration and mining is investor perception, the report noted.

It stated, “Undue interference by communities and state governments, with expectations outside the provisions of the law/regulations, cripples investments and the development of the mining sector.

“Uncertainty and inconsistency in state and federal laws, interpretation and enforcement will hamper development. The perception of a change of regime affecting laws also stalls investment and partnership.

“Fiscal policies that remain stable and predictable in the face of changing regimes improve transparency and foster good governance within the sector.”

The report also highlighted three phases for putting the minerals sector on the path of growth. The phases are the short, medium and long terms.

http://punchng.com/despite-huge-deposits-nigeria-imports-coal-iron-ore-fg/?utm_source=twitterfeed&utm_medium=twitter

According to the report, the country was also importing barites until 2003 when the Federal Government banned its importation, adding that the country had since become a net exporter of barites.

This was under PDP, they did what was needed. Under APC all we get is talk talk talk and blames, no action. You keep telling us what our problems are as if you aren't there to solve them. Pillocks

They keep telling us how bad the country is, what about dazzling us by solving this myriads of problems so that we will wake up one morning and be wowed @ least that was why they were voted in ( for those that voted them), please profer solution and stop behaving like an opposition political party. When PDP banned importation of barites, no noise was made about it, we didnt even hear it.

APC has failed Nigerians.. BUHARI has failed Nigerians.

was it not recently reported that Nigeria wanted to import bitumen?

They keep reminding us of our problems, instead of bringing solutions..........

we have always been hearing this. find a solution mr dullarpo

GoggleB:
APC has failed Nigerians..
BUHARI has failed Nigerians.

Buhari has failed Nigerian because, Boko haram have not chase us out of Nigeria, like what is going on in Somalia, Syria etc. He has also failed Nigeria because oil bunker are hungry and on the run. He also has failed because the IDP are gradually finding their feet at their homes they left two years.

Economy is not everything and everything is not economy.

The oil in the Niger delta has spoilt every other state...they are now lazy to even tap into their own resources...regionalism is the sure plan to embrace...

And the same FG under Buhari imported grass for cattles. Last week I read they want to import bitumen too which is abundant here. So what are they now saying?

Nigeria imports everything!

Yet, they still worry and wonder why we are in recession!!!

Radarada

sinkhole:
was it not recently reported that Nigeria wanted to import bitumen?

Ofcourse. That is what we do. We sell cassava and use the money to buy garri. Instead of use using the cassava to make garri

The way we depend on imported rice when we can encourage ourselves to farm it.

$22 billion is needed evry year to import food that we can produce simply because we believe everything is cheaper when imported

garriguy:
Nigeria imports everything!

Yet, they still worry and wonder why we are in recession!!!

Radarada

What is buhari manufacturing now

We know the problem

We want results

You can't rule a country with propaganda and lies

Are we expecting the FG to farm? We only expect them to procide the enabling environment.

The importation is also supposed to be discouraged by the FG. Not encourage it especially things we can locally provide