ConMin West Africa conference and exhibition continues proceedings today June 14, 2017.
Today’s proceedings will feature a technical workshop themed: “Sustainability of the Construction Industry in Nigeria” presented by the Federation of Construction Industry (FOCI)
Speaking at the opening ceremony of the conference yesterday, the acting-President of Nigeria Prof Yemi Osinbajo, stated the mining sector is to receive US$600 million of investment funds through amongst others, the Nigerian Sovereign Investment Authority, and the Nigerian Stock Exchange.
Osinbajo expressed his optimism towards Nigeria’s recently launched Economic Recovery and Growth Plan; the country will achieve its target of 7% economic growth rate by 2020, with an aggressive growth rate of 8.54% for the mining sector.
The acting president stated the sector will contribute $27 billion to the country’s GDP in 2025.
Despite signs of recession and low global commodity prices, the Nigerian mining industry has certainly witnessed some phenomenal developments within the past 10 months, but a lot of progress still needs to be made to develop the sector, and bring about the required grass root impact for a country in dire need of alternative sources of foreign exchange.
In August 2016, the mining road map was approved by the president and a bill proposing the creation of a regulator will be the next step for the development of the industry.
The new legislation includes incentives such as allowing full foreign ownership of mining projects in order to attract investments and economic growth.
ConMin West Africa is organized by Afrocet Montgomery. The conference provides unparalleled opportunities to boost brands in the Construction and Mining Industry in the thriving West African market from within the largest economy in Africa.