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Economic potentials
Policy Thrust
The economic policy of the Nigerian Government is focused on the development of the Solid Minerals sector through private sector initiatives. The
objective of Government in this regard is to: |
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| 1. |
Diversify the nation’s economic base from oil to non-oil sectors and |
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| 2. |
Ensure the availability of solid minerals in the right quantity and quality for utilization by local industries and for export in order to boost the nation’s Gross Domestic Product (GDP) as well as enhance her foreign exchange reserves through import substitution. |
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The government already pursues these objectives vigorously and encourages private sector investment through: |
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| i. |
The introduction of economic policies aimed at: |
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Privatization and liberalization, |
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| b. |
Public Service reforms, |
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| c. |
Probity, Accountability and Transparency; |
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| ii. |
The provision of a stable social and political climate that safeguards investment; |
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| iii. |
Regular review of the legal and regulatory frameworks and policies with a view to making them globally competitive; |
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| iv. |
Provision of infrastructure to areas of economic mineral deposits; |
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| v. |
Fiscal and investment incentives aimed at attracting private sector participation in the solid minerals sector; |
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| vi. |
Production of a seven-year strategic plan for Solid Minerals Development. |
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