Nigeria currently boasts of over forty-four (44) priced solid minerals in the mining space, with huge deposits scattered over different parts of the country. However, the contribution of this sector (with such huge potentials) to the gross domestic product (GDP) of the country remains surprisingly abysmal.

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 20212. Interestingly, the Sector has witnessed sustained growth to the GDP over the last five (5) years, as depicted in the chart below:

financial year

Evidently, the policies and strategies being employed by the current administration have been effective in reviving the Sector over the period. However, more efforts are required to set the Sector on a faster growth trajectory, to compete with that of the oil and gas sector, as the main revenue earner for the country and facilitate our diversification agenda.

This newsletter highlights some of the notable recent developments in the Sector and our views on their overall impact on the economy.

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KPMG Nigeria is pleased to have made a significant contribution to a recently released report by the World Economic Forum (WF) in partnership with the Renewable Energy & Energy Efficiency Associations Alliance (REEEA-A) and Marsh. The seminal paper on ‘Mobilising Investments for Clean Energy in Nigeria’ was launched at the Nigeria Country Roundtable on 2 May 2023 with Erabor Okogun, the Advisory Head of Energy Infrastructure, KPMG Nigeria, who was invited to provide a deep dive into the pressing issues and solutions thereof.