Nigeria has developed a new legal and regulatory framework for mining, in addition to carrying out a number of institutional reforms, the country’s Minister of Mines and Steel, Deziani Allison-Madueke, said here Friday.

“We now have a new mineral law – the Nigerian Minerals and Mining Act 2007 and a new National Mining Policy,” the Minister said in a speech at the opening of the first ECOWAS Mining Ministers meeting in the Nigerian capital city, Abuja.

“At present, Nigeria is putting in place creative strategic plans and frameworks in a bid to diversify our country’s economic base through pragmatic development of our mineral resources,” she added.

Mrs. Allison-Madueke also disclosed that Nigeria had mapped out its seven strategic minerals in order to ensure maximum output.

She said Nigeria had prioritized the development of its minerals as follows – Gold, Bitumen, Coal, Iron ore, Limestone, Barytes and Lead – Zinc.

“In developing these minerals, Nigeria hopes to increase the mineral resources contribution to her nation’s GDP from the present 0.05% to 20% in the next few years,” the minister said.

Flush with huge revenues from oil and gas in recent years, Nigeria had abandoned other sectors of the economy, including mining and agriculture.

However, the falling prices of oil have forced Africa’s most populous nation to begin a process of developing other sectors of the economy to propel growth and prosperity.

Meanwhile, Nigeria has expressed support for efforts by ECOWAS to ensure the development of mineral resources in the West African region.

The efforts are geared towards the adoption of a common policy and a common legal framework for the mining sector in member states.

The first step – ECOWAS Directive on the Harmonisation of guiding principles and policies in the mining sector – is being taken at the meeting, which is expected to adopt the draft directive prepared by a group of experts who met here from Monday to Thursday.

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