Nigerian mining: World Bank targets double digit contribution to GDP

The World Bank yesterday lamented that the mining sector contributes 0.5% to Nigeria’s Gross Domestic Product (GDP), saying it would see the possibility of increasing the contribution to double digit.

Speaking at Stakeholders Workshop on the Australian and Canadian Externally Financed Output (EFO) Programme for Mining Sector Development in Nigeria, the World Bank Country Director, Marie Franciose Marie-Nell, said that in partnership with the Canada International Development Agency (CIDA) and the Australian Agency for International Development (Aid), the World Bank was launching a two-year mining sector intervention programme as a continuation of the Sustainable Management of Mineral Resources Programme which ended last year.

Represented by Mr. Michael Wong, he said that “it is a stepping stone for a further programme and a wider engagement in the mining sector. As we know, the contribution from the sector is 0.5% GDP, and it can be increased to double digit, if possible and we hope that contributions are needed and the Australian government will assist the ministry in developing the roadmap towards the development of the sector.”

He said the programme is financing timely integrated infrastructural development, adding that the programme fits into the country’s new system framework for development partners such as DFID, the African Development Bank and others.

In his remarks, the Australian High Commissioner, Jonathan Richardson, also said that the contribution from the mining sector to the GDP is very low.

Continuing, he said: “Basically, what are we going to deliver? We want to deliver something that is alive and that is why with the contribution of Australia and Canada, we have broken down the programme into a number of tasks. I know that Nigeria has a very clear roadmap. And our contribution to this roadmap is to make it to have a continuous update, to ensure that with our continued support it is alive an implemented.”