The Lagos Chamber of Commerce and Industry (LCCI) has said that inherent challenges, including inadequate infrastructure, regulatory inconsistencies, limited access to financing, and security concerns around the country’s mining locations are currently stifling growth.

The Director-General of LCCI, Dr. Chinyere Almona, made this known in a press release to the media yesterday in Lagos, while evaluating the mining sector’s performance to the country’s Gross Domestic Product (GDP).

Specifically, the LCCI DG explained that the chamber was concerned about the Nigerian mining industry recorded low performance in the last two quarters. Almona said: “The Lagos Chamber of Commerce and Industry (LCCI) is deeply concerned about the performance of the Nigerian solid mineral sector.

“The Nigerian mining industry has recorded low performance in the last two quarters. According to the National Bureau of Statistics (NBS), the Mining & Quarrying sector contributed 4.47 per cent to the overall GDP in the fourth quarter of 2023, lower than the contributions recorded in 2022 fourth quarter at 4.51 per cent and lower than the previous quarter at 8.32 per cent.

“Despite its immense potential, the mining sector has been hampered by many obstacles, including inadequate infrastructure, regulatory inconsistencies, limited access to financing, and security concerns in mining locations.

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