Mr. Zachaeus Adedeji, the acting chairman of the Federal Inland Revenue Service (FIRS), expressed confidence that the solid minerals industry would be crucial to boosting the country’s economy.
Adedeji recently met with Minister of Solid Minerals Dele Alake and emphasized the sector’s potential to free the nation from its over-reliance on the faltering oil and gas sector.
Adedeji emphasized that the solid minerals sector could significantly increase revenue for Nigeria because it has the highest taxable limit of 18 percent of the Gross Domestic Product (GDP).
Diversification into solid minerals is now more important than ever because the country’s oil and gas industry currently contributes a sizeable 78 percent of its taxable income.
The reason we are here, according to Adedeji, is because this is our next oil.
“The future of Nigeria will be secure if we succeed in this area. Dr. Oladele Alake’s appointment as the Minister of Solid Minerals gives us confidence that we have secured half of the job.
Alake responded by reiterating Nigeria’s dedication to achieving prosperity and economic growth. He gave a rundown of the administration’s plans to revive the economy in line with President Bola Ahmed Tinubu’s vision for change.
The Minister emphasized the value of accurate data collection, saying, “We will invest heavily in data generation, concise and precise data generation that will empower and enable investors to make informed decisions. “
The renewed strategy to access the $700 billion worth of minerals beneath Nigeria’s soil depends heavily on this commitment.
While this is going on, Alake has praised the Africa Finance Corporation (AFC) for helping to transform the solid minerals industry.
The Minister stressed the importance of teamwork when the President and CEO of AFC, Mr.dot Samaila Zubairu, paid a visit. They discussed improving data collection and creating an environment that is favorable to investors.
In response, Zubairu emphasized the significant value of Nigeria’s solid minerals and pushed for legislation to support homegrown investors, which would ultimately raise tax revenues for the nation.
The AFC promised to support programs like the Big Data project, value-added processing centers, and strengthening security measures, all of which will be essential in fostering the sector’s expansion.
