Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 31)

According to National Bureau of Statistics (NBS) data, Nigeria’s mineral production in 2021 was 89.48 million tons, which indicates a 39.19 percent improvement over the 64.29 million tons produced in 2020.1 Granite, laterite, limestone, and sand are the most mined products. At the state level, the top three producing states were Ogun, Kogi, and Cross River, mining 32.04 million tons, 18.40 million tons, and 11.64 million tons of minerals, respectively, while Borno state produced the least with only 231,000 tons. Given the urgent need to optimise all available mineral resources to create jobs and improve people’s living conditions, the improvement in performance needs to be sustained. Therefore, policies should target attracting more investment in the sector whilst promoting the processing and export of the mined mineral products to maintain and sustain high growth. Consequently, the government would need to create investment incentives to help actualise the desired development for the sector, which is to contribute 3 percent of GDP by 2025, as conceived in the National Development Plans (NDP).

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