These are the four largest sectors of the Nigerian economy

Agriculture – 25.9%. Nigeria's Agricultural sector maintains the largest sector in the economy, contributing 25.9% to the real GDP, with an estimated value of N18.74 trillion in 2021. The sector grew by 2.1% year-on-year from N18.35 trillion recorded in the previous year. However, the agricultural sector is very much below desired levels ...

The Bright Future of Nigeria's Mining Industry in 2024

The Minister of Solid Minerals Development, Dr. Dele Alake, has conveyed a sense of optimism regarding the forthcoming year's potential for the mining sector in Nigeria. He asserts that 2024 will prove to be a pivotal year as the sector strives to make substantial contributions to the nation's Gross Domestic Product (GDP). During his recent

Mining, from The Report: Nigeria 2023

Mining. With greater government support and a growing role as a generator of export earnings, Nigeria's mining sector is poised to maximise its considerable potential …

A Potential Game Changer For The Nigerian Mining Sector

Nigeria is blessed with over forty-four (44) identified solid mineral resources in commercial quantities. Yet, the contribution of the mining Sector to the country's gross domestic product (GDP) has remained less than 1% in each of the past five (5) successive years – although, it has consistently grown over the same period to 0.85% in 2022 (from …

Key indicators of Nigeria's economy

In 2022, Nigeria's GDP was worth 477 billion U.S. dollars, while the gross domestic product per capita equaled 2.33 thousand U.S. dollars. Nigeria is the 17th African country with the highest GDP ...

Mining sector and Nigeria's industrialization

The mining sector has remained evident as a viable alternative to Nigeria's oil-based mono-economy. With the potential for inter-sector growth, increase Nigeria's export ratio, and with a global commodity price rise, there has been both local and foreign investor interests in Nigeria's extractive sector.

Nigerian Mining

The leading source for mining and solid mineral news in Nigeria. Discover valuable insights, news, and resources about Nigeria mining. Connect with industry experts and enthusiasts. Post and find classified ads for mining equipment, services, and opportunities. Your gateway to the thriving world of mining in Nigeria.

How Nigeria aims to boost mining's share of GDP

While the mining sector was a mainstay of the economy up until the late 1960s, the focus on oil from that point on has seen the mining's share of GDP fall to 0.5% in 2019. To diversify economic activity and export composition, the government launched the Roadmap for Solid Minerals in 2016, a three-phase plan for sector revitalisation.

ECONOMIC DEVELOPMENT IN NIGERIA THROUGH THE …

The study calls to question rigid government control over the mining and quarrying sector. The importance of mining and quarrying in accelerating the pace of economic growth in Nigeria should rather motivate the government to …

Nigeria's Mining: Prospects, Challenges and Opportunities

by Adenike Adeodun September 21, 2023. Despite its appellation as the "Giant of Africa," Nigeria's mining sector has remained largely underdeveloped, …

Oil theft, illegal mining plagued Nigeria's economy for years

This sector plays a vital role in Nigeria's economy, contributing over 65 percent of government revenue and more than 85 percent of total exports. However, weak governance and corruption have hindered its potential to drive socio-economic development, despite the underdeveloped mining sector accounting for less than 1 …

GDP: Nigeria's Mining sector declines by –21.31% in Q3 2022

The contribution of the mining and quarrying sector to Nigeria's real GDP dropped to 5.90% in Q3 2022. Nigeria's mining sector suffered a decline in economic productivity, causing a -21.31% growth decline as of Q3 2022. This was disclosed in the Q3 GDP report released earlier today by the National Bureau of Statistics (NBS).

All you need to know about Nigeria's new mining law

In November, the Nigerian government unveiled plans to revise its crucial mining law, the Nigeria Minerals and Mining Act (NMMA). The outdated law, which hasn't been updated since 2007, is accused of stifling growth in the nation's underdeveloped mining sector. Mining currently generates just 0.3% of GDP and leaves the country …

Nigeria

In the first quarter of 2022, Nigeria recorded an average daily oil production of 1.49 million barrels per day (mbpd), accounting for 6.63% of total GDP. Nigeria is among the world's top five exporters of liquefied natural gas (LNG). The country's exports of natural gas rose by 14% in 2021, accounting for 9.24% of total exports.

Strategies and regulatory measures for Combatting illicit mining …

The methodology, literature review, and theoretical framework combating illegal mining are included in section two. Section three examines the legal and regulatory frameworks governing mining operations in Nigeria, the challenge occasioned by illegal mining operations in Nigeria, the contribution of the mining sector to Nigeria's …

nigerian-mining-sector-watch

The Nigerian economy, like that of many other countries, continue to face headwinds - from low revenue generating capacity, high inflation, currency depreciation, high interest rates, food crisis to insecurity. ... For example, the 2023 revenue projection from the mineral and mining sector (based on the 2023 budget proposal presented by ...

10 fastest growing sectors of the Nigerian economy in 2023

Topping the chart is the metal ore sector, with a staggering growth rate of 50.32%, significantly up from 15.98% in 2022. This sector's explosive growth highlights its immense contribution to Nigeria's economy, driven by global demand and investment in the mining sector.

Five largest sectors of the Nigerian Economy H1, 2023

These economic dynamics underscore the significance of the construction sector in Nigeria's ever-evolving economic landscape. Other Contributors. Apart from the sectors detailed earlier, the mining and quarrying sector played a significant role, contributing 6.7% to Nigeria's economy in the first half of 2023, whilst the remaining …

'Mining, quarrying sector contributed N5.37tn to GDP in 2021'

The coal mining subsector contributed N7.71bn, metal ores subsector contributed N8.33bn, while the quarrying and other minerals contributed N111.09bn. On the sector, the report read, "In real ...

AN ECONOMIC ANALYSIS OF NATURAL RESOURCES …

between the mining sector with the economy and the environment. The study, carried out between February and April 2007, specifically addresses the prospects of developing an industrial mining sector in Nigeria. The current mining sector is dominated by small-scale operations, working below their full potential and literally scratching the surface.

THE

Nigeria's Mining Sector Diagnostics: An Overview of The Sector » Nigeria's Minerals and Mining Landscape » Mining Sector Relevance - Sectoral Contribution To Growth, …

Nigeria: GDP by mining and quarrying sector 2023 | Statista

Sep 28, 2023. In the second quarter of 2023, the largest contribution to Nigeria's GDP from the mining and quarrying sector was given by crude oil and natural gas, which covered around 5.6 percent ...

Mining reforms in Nigeria to drive sector growth

Sector Contribution. The non-oil mining sector, which comprises coal, metal ore, quarrying and other minerals, generated N656.1bn ($1.6bn) in 2020, or 0.43% of total GDP. This …

How Nigeria aims to boost mining's share of GDP

While the mining sector was a mainstay of the economy up until the late 1960s, the focus on oil from that point on has seen the mining's share of GDP fall to 0.5% in 2019. To …

CENTRAL BANK OF NIGERIA ECONOMIC REPORT 2021

The Central Bank of Nigeria (CBN) Economic Report is a compilation and analysis of economic developments in Nigeria within the review period. The Report, which is published on a monthly and quarterly basis, provides insights into the current developments in the real, fiscal, financial, and external sectors of the Nigerian economy and the global ...

Nigerian Mining Sector Watch

Nigeria's GDP grew by 3.52% 1 (year-on-year) in the fourth quarter of 2022. The Nigerian Mining Sector ("the Sector") also witnessed growth in its contribution to the Nation's GDP, having contributed 0.85% in 2022 (2021: 0.63%), representing a 32% year on year growth over 2021 2. Interestingly, the Sector has witnessed sustained growth ...

Mining sector in Nigeria key to economic turnaround

Mining sector in Nigeria key to economic turnaround. The COVID-19 pandemic is a wake-up call that Nigeria needs to stop relying on oil to drive its economy. This is the view of ARC. OLAMILEKAN ADEGBITE, Minister of Mines and Steel Development of Nigeria, who told audience members during a recent Nigeria Mining …

Nigerian Mining Sector Watch

capable of putting the Nigeria mining sector on the digitization journey, make it more prominent on the global mining map, boost investors' confidence in the nation's ... agenda of stimulating the economy and growing the country's Gross Domestic Product (GDP) through diversification from crude oil, with a major focus on taxation and ...

OVERVIEW OF THE NIGERIAN MINING SECTOR: …

Diversification is an important element of economic growth. According to an estimate by the committee put together to develop a roadmap for the sustainable development of the mining and metals sector in Nigeria, the minerals and mining sector could generate more than US$25 billion by 2025 which makes up 3 percent of our GDP.

Nigeria: Newly Discovered High-grade Lithium Deposits …

Nigeria: Newly Discovered High-grade Lithium Deposits Have Potential To Boost Nigerian Economy 22 June 2023 . by ... Like many jurisdictions, such as the UAE and Australia, the mining industry in Nigeria is regulated by the Federal Government. The government ministry tasked with this responsibility is the Ministry of Mines and Steel …

Nigeria Overview: Development news, research, data | World Bank

Between 2000 and 2014, Nigeria's economy experienced broad-based and sustained growth of over 7% annually on average, benefitting from favorable global conditions, and macroeconomic and first-stage structural reforms. ... and a conducive economic environment for the private sector to flourish and create more quality jobs for …

History of Mining in Nigeria – Mining Nigeria

Mining is one of the oldest economic activities, and dates as far back as to when the early mankind first extracted clay and metals for the productions of cosmetics, working tools and utensils. In Nigeria, extraction of tin dates to as far back as 500BC when the Nok culture of Benue/Northern Zaria was known to have knowledge of iron smelting.

Nigerian Mining Sector Watch

Volume 5 | May 2023. Introduction. Nigeria currently boasts of over forty-four (44) priced solid minerals in the mining space, with huge deposits scattered over different parts of …

Nigerian Mining Sector Watch Volume 2

In Nigeria, despite the wide spread economic impacts of the pandemic, the Mining Sector (the Sector) exceeded budgeted revenue of the Federal Government (FG) in 2020 by about 10% (N2.09billion as against N1.9billion) 1, and increased its contribution to the Nation's Gross Domestic Product (GDP) by about 23% (2020: N656.18 billion; 2019: N369 ...

How corruption denies Nigeria of mining sector dollars

BusinessDay. March 21, 2022. The Nigerian government is losing billions of dollars to illegal mining activities in the country's solid minerals sector as corruption continues to hold sway. The Federal Government has often expressed keenness to develop the sector in order to diversify the economy by increasing its contribution to the Gross ...

Nigerian Mining Sector Watch

Nigerian Mining Sector Watch The non-oil sector has continued to be the lifeblood of the Nigerian economy. As at the third quarter of 2022, the non-oil sector contributed 94.34% (in real terms) to the nation's Gross Domestic product (GDP), higher than the share recorded in the third …

An in-depth look at the current state of mining in Nigeria

An in-depth analysis on mining in Nigeria. By Guest Contributor. October 27, 2020. The economy in Nigeria has been growing slowly since the oil price slump of 2014. Since then, volatility of global oil prices has negatively impacted growth performance. Between 2000 and 2014, GDP grew at an average of 7% annually.