Nigeria to earn $300m annually from Barite



The Made in Nigeria Barite would save the country about $300 million in annual importation costs, the Minister of Mines and Steel Development Arc Olamilekan Adegbite has said.

“Just recently, we launched the Made in Nigeria Barite in Port Harcourt, as part of our modest efforts towards the development of industrial minerals.

This initiative is expected to spur the promotion and growth of local content, boosting the economy with a corresponding increase in revenue.

The initiative would not only put Nigeria on the radar of the global mining communities, but would also save the country about $300 million in annual importation costs, thereby creating employment opportunities for the teeming population.”

He added that the Ministry will also commission an open marketplace portal that will connect all stakeholders along the barite value chain to a hub that allows for easy coordination, stocking, effective costing, and seamless sale of barite, as we adhere to the ease of doing business initiative.

We have commenced one pilot project per geopolitical zone in order to enhance local content along the mineral value chain. This is in line with our mandate to fast-track mineral processing in the country using a cluster approach.

Each cluster will be equipped with modern equipment and technologies to support a network of miners, processors, skills development providers, logistics providers, etc,” the minisrer said.