- Engr. Dr. Ayodeji Adeyemo has given hint that Nigeria can generate almost $300billion from iron ore and lead
- Adeyemo is the newly inaugurated national chairman of the Nigerian Institution of Metallurgical, Mining and Materials Engineers
- He made the revelation at his investiture as the 10th chairman of the association in Abuja
The national chairman of the Nigerian Institution of Metallurgical, Mining and Materials Engineers (NIMMME), Engr. Dr. Ayodeji Adeyemo has stated that Nigeria can generate almost $300billion from iron ore and lead.
Adeyemo made the comment on Thursday, October 10 during his inaugural address at his investiture as the 10th chairman of the NIMMME in Abuja.
He said with the available reserves of iron ore and lead, Nigeria can generate $280billion and $12billion respectively.
“This is aside from the other minerals like coal, gold, tantalities, and cassiterite,” he added.
He noted that the mining and metal industry is the key driver to the industrialization of any nation of the world, adding that most nations classified as wealthy derive their wealth from the sector.
According to him, the mining, metallurgy and metal sector can generate employment for the teeming population of both the youth and middle age.
He said the sector can also generate the much needed foreign exchange and internal revenue; lead to the industrialization and economic wellbeing of Nigeria.
His words: “In Nigeria, the contribution of mining to the GDP is below 1%. This is considered very low in terms of export when compared to African countries like Namibia, Congo and South Africa.
“The huge potential in the mining, metallurgy and metal sector, when exploited, can be a good boost to the diversification effort of the federal government; put an immediate stop to the over-dependence of the economy on oil and gas, and promote sustainable growth.
“A vibrant and active mining, metallurgy and metal sector will stimulate both upstream and downstream activities which are expected to put an end to the importation of minerals that could otherwise be produced in Nigeria. This will greatly conserve the nation's foreign earnings.”
On his plans for the NIMMME, Engr Adeyemo said he will focus on membership drive and publicity.
“The resuscitation of our old inaugurated chapters and the formation of new ones in major cities shall be our priority.
“Students of the various institutions of learning where mining, metallurgy, and materials engineering courses are offered will be organised as student members.
“There would be direct contact with members in both private and public organisations in and outside Nigeria,” he assured.
Meanwhile, President Muhammadu Buhari has said the Nigerian economy has recorded nine consecutive quarters of Gross Dometic Product growth so far.
The president said this while presenting Nigeria's 2020 budget to the National Assembly on Tuesday, October 8, adding that it is a testament to his government’s economic policies implemented so far.
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