Nigeria Lost $9bn To Illegal Mining In 2 Years

Nigeria Lost $9bn To Illegal Mining In 2 Years

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Added by November 24, 2017

The Federal Government has revealed that Nigeria lost $9bn to illegal mining in 2014 and 2015.

Minister of Mines and Steel Development, Kayode Fayemi, who addressed journalists after Wednesday’s Federal Executive Committee meeting, said the ministry got the figure from a report by the Nigerian Extractive Industry Transparency Initiative.

He said the loss is from illegally exported items like gold, lead, zinc, tin and coal.

The minister also said the council approved N987m for the procurement of 50 Hilux vehicles to help the special mines task-force track and curb illegal mining activities in the country.

Fayemi added that each vehicle would be purchased for N19.3 million.

“If we can stop the spate of illegal activities, not just by Nigerians but by Nigerians in collaboration with some foreigners, we will significantly improve the revenue that comes from that sector, increase the contributions to GDP, increase the royalty to government and also provide more jobs for our people,” he said

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