The Minister of Mines and Steel Development, Kayode Fayemi has said the federal government is committed to seeing the mining sector yield income for the country.
Fayemi said this during a two-day workshop, held in Abuja, on Monday, between the ministry and the Australian High Commission.
The minister, represented by permanent secretary in the ministry, Mohammed Abbas, said Ajaokuta and Itakpe concessioning will yield high dividends for Nigeria.
“Recently, we recorded significant development in the sector which included the activation of 0.5 per cent mining sector component of natural resources fund”, he said.
The perm sec adds federal government has approved N30 billion intervention fund for the sector.
He said the mining industry is largely underdeveloped due to Nigeria’s dependence on crude oil.
“These minerals, broadly categorized as industrial, energy, metallic ore, construction and precious stones minerals have huge potentials of transforming every facets of the Nigerian economy if duly harnessed, he said.