The world’s 40 largest listed mining companies made an aggregate net profit of $20 billion (about N6.29 trillion), according to PricewaterhouseCoopers (PwC’s) “Mine 2017 Report”. But Nigeria, which has over 44 mineral deposits including coal, has no company among them as the nation is not matching its intentions with actions, particularly with regard to the implementation of the mining sector roadmap, The Nation reports.
Experts warn this may hurt efforts at increasing the sector’s GDP contribution from 0.46 per cent to 10 per cent by 2020. The Federal Government’s strategic rethink, in favour of exploiting the enormous but largely untapped potential in the mining and related industry to diversify the economy, raised hopes a rebound was in the offing. However, despite the launch of the roadmap for the development of the mining sector since April 2012, the document has remained on paper as the strategic actions contained in the roadmap are yet to be implemented.
Some industry experts and analysts, expressed dismay at the government’s failure to transform its intention to diversify into concrete, practical actions. Obiora Akabogu, a Lagos-based lawyer and public affairs analyst, said the requisite political will to translate policy statements into concrete actions was evidently lacking. Partner and Head of Mining, PricewaterhouseCoopers (PwC) Nigeria, a consulting firm, Mr. Cyril Azobu, also lamented that despite the launch of the roadmap for the development of the mining sector since April 2012, it has remained on paper.