Nigerian Mines, Steel Development generates N1.4b – Minister

The Ministry of Mines and Steel Development says it generated N1.4 billion as revenue in 2011 as against the N215.5 million it recorded in 2005 at the start of the Sustainable Management of Mineral Resources Project (SMMRP).

Liquid steel

The Minister, Mr Musa Sada, said this in Abuja on Thursday at the “End of Project Stakeholders Workshop’’, organised by the ministry in collaboration with the SMMRP Agency. The seven year-old SMMRP, being supervised by the ministry, was managed by the World Bank.

The project, which started in 2005, targeted at the development of the country’s mining sector, establishment of a viable cadastral office and the promotion of issuance of mining licences. Sada, who was represented by Alhaji Idris Kuta, the Permanent Secretary in the ministry, commented on the successful completion of the project. He said the revenues were derived largely from licenses, fees and royalties.

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