The Acting Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zachaeus Adedeji, has expressed optimism that the solid minerals sector would play a pivotal role in bolstering the nation’s economy.
In a recent meeting with the Minister of Solid Minerals, Dele Alake, Adedeji emphasized the sector’s potential to rescue the country from its heavy reliance on the declining oil and gas industry.
Adedeji, stressed that the solid minerals sector, with its highest taxable limit of 18 percent of the Gross Domestic Product (GDP), could substantially contribute to Nigeria’s revenue.
Currently, the country’s oil and gas sector accounts for a significant 78 percent of taxable income, making diversification into solid minerals increasingly imperative.
“This is our next oil, and that is why we are here,” declared Adedeji.
“If we get it right in this sector, it means the future of Nigeria is secured. We are confident in having Dr. Oladele Alake as the Minister of Solid Minerals; half of our job is secured.”
In response, Alake reaffirmed Nigeria’s commitment to achieving economic growth and prosperity. He outlined the administration’s initiatives, policies, and programs designed to revamp the economy in alignment with President Bola Ahmed Tinubu’s hope agenda.
The Minister stressed the importance of precise data collection, stating, “We will invest heavily in data generation, concise and precise data generation that will empower and enable investors to make informed decisions.”
This commitment forms a crucial part of the renewed strategy to tap into the $700 billion value of minerals beneath Nigeria’s soil.
Meanwhile, Alake has lauded the Africa Finance Corporation (AFC) for its support in transforming the solid minerals sector.
During a visit by President and Chief Executive Officer of AFC Mr. Samaila Zubairu, the Minister highlighted the necessity of collaborative efforts to improve data gathering and create an enabling environment for investors.
Zubairu, in turn, underscored the immense value of Nigeria’s solid minerals and advocated for a framework to support local investors, ultimately increasing tax earnings for the country.
The AFC pledged support for initiatives such as the Big Data project, value-added processing centers, and enhancing security measures, all of which will play a crucial role in driving the sector’s growth.