Nigeria has a vast range of unexploited mineral resources, however, not all minerals are available in commercial quantities and the country’s true mineral potential is somewhat unknown, as little modern exploration has taken place. This is largely due to the dominance of the oil sector in attracting available risk capital, as well as government policy focus. According to the World Bank the mining of minerals in Nigeria has accounted for less than 0.5% of GDP in recent years, though the government is targeting growth up to around 3% of GDP by 2025. In pursuit of this aim, Nigeria revamped its mining law in 2007 and, again in 2011, with the aim of diversifying its economic and the Ministry of Mines and Steel Development has designated seven strategic minerals for priority development, namely, coal, bitumen, limestone, iron ore, barites, gold and lead/zinc.
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