The federal government says that Nigeria, though rich in mineral resources, is not yet a mining nation.

The Minister of Solid Minerals Development Dr Kayode Fayemi, made the remarks, at the 5th edition of the International Mining Investment Conference and Exhibition on Nigeria (IMICON) in Abuja.

The minister said that the present administration was committed to economic diversification through harnessing the non-oil sector.

“As things currently stand, in 2015, the sector contributed approximately 0.33% to the gross domestic product of the country,” he said. “This contribution is a reversal from historically higher percentages of about 4-5% in the 1960s-70s. Our policy goal is to return to a contribution level of 5%-7% over the next 10-15 years, and the recently approved Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) are very supportive of this aspiration.” .

He decried a situation where, “regrettably, Nigeria spends about $3.3bn annually importing steel from abroad.” He said that the government was in the process of establishing the Nigerian solid minerals investment fund, to finance private sector-led projects in the mining sector.

In his opening remarks, Vice President Yemi Osinbajo, represented at the event by the special adviser to the president, Dr Adeyemi Dipeolu, said that untapped solid minerals posed challenges to the country.

He lamented Nigeria’s reliance on unstable crude oil revenues.