The solid mineral sector was a critical sector of the Nigerian economy, making significant contributions to its growth and Gross Domestic Product (GDP) until the discovery of crude oil in the country. Mining once accounted for approximately four to five per cent of Nigeria’s GDP in the 1960s and 1970s.
The commercial exploration of crude oil by the Nigerian government led to a gross neglect of the non-oil sector, including solid minerals and agriculture, which was the mainstay of the nation’s economy in the pre-crude oil days.
Successive administrations, including the immediate-past Muhammadu Buhari’s All Progressives Congress (APC)-led administration between 2015 and 2019, made pronouncements and feeble attempts at economic diversification. However, little was achieved, as crude oil sale is still the number one money spinner for the country, contributing to over 80 per cent of its revenue base.
