Abuja — The World Bank has advised Nigeria to develop its mining sector to help mitigate post-COVID-19 economic shocks, rather than wait for a rebound of oil prices in the global market.
The Task Team Leader on the Mineral Sector Support for Economic Diversification (MinDiver) Project at the World Bank, Mr. Mike Stanley, said Nigeria should not wait for oil prices to rebound as doing so might not yield the expected result because of the possibility of an oversupply of the commodity in the market from other oil-producing countries, including Saudi Arabia.
Stanley, at a Virtual Mid-Term Review (MTR) of the MinDiver Project under the Ministry of Mines and Steel Development recalled that oil prices indicated a decline since 2014.
The World Bank, PwC and NIMG noted that some solid minerals, including battery minerals, cobalt, lithium, gemstone, jewelry, barite, and phosphate, among others, have high demand at the international market
According to the statement, barites are needed and used in the oil industry; phosphate for the fertiliser industry and limestone to manufacture cement for the construction industry.
It added that the overall objective of the MTR is to review the progress of the MinDiver project with the World Bank, stakeholders of the ministry and other key actors, as well as look at new ways of integrating mining into the mainstream economy with a view to building Nigeria's resilience to shocks.
