As revenue from oil nosedives following incessant global price fluctuations, the Federal Government is now channeling efforts to the development of minerals in the mines and steel industry to shore up foreign exchange earnings.
Officials of the Federal Ministry of Mines and Steel Development said emphasis has been placed recently on the development of bitumen, barite and gold. The government officials assured that through the mines and steel ministry this plan will help diversify the economy instead of over dependence on oil as the major foreign exchange earner for the country.
They also confirmed that there are large quantities of gold discovered in various locations in Zamfara and Osun states.
NEITI, EFCC, NFIU to enforce sanctions in extractive industries
Executive Secretary, NEITI, Orji Ogbonnaya-Orji said the Nigeria Extractive Industries Transparency Initiative in partnership with the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission, and the Nigerian Financial Intelligence Unit will help ensure the enforcement of compliance and sanctions in the extractive sectors at the agency’s headquarters in Abuja.
Nigeria Fx Exchange Market Rate on Thursday 13th May, 2021
USD EURO GBP
479 / 483 576 / 581 665 / 673
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