Nigeria Shifting Dependence On Oil Revenue, Plans 50 Mines Before 2023
Nigeria, Africa’s largest oil producer, has said that it is banking on revenue from the mining sector in a new diversification plan which will see the country move away from dependence on oil revenue.
The woes of falling crude prices – which earlier this year hit two-decade lows – has left the country finance in bad shape, resulting to external borrowings to sustain government projects and governance, observers say.
The Minister of Mines, Olamilekan Adegbite, told Reuters yesterday that as part of the diversification plan, Nigeria aims to establish no fewer than 50 mines before 2023, and make up for time and revenue lost to the impact of COVID-19 on development of the nascent sector.
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