The Ministry of Mines and Steel Development is hoping to generate the sum of N3.1 billion in 2017 from royalties and fees .
But the menace of illegal mining across the country may militate against the attainment of this objective.
This is why the Minister, Dr. Kayode Fayemi says government is employing the carrot and stick approach to address the problem
Menwhile the Nigeria Extractive Industries Transparency Initiative (NEITI) has commenced the process of comprehensive independent audit of the oil and gas sector.
The Executive Secretary of NEITI, Waziri Adio stressed that the initiative is committed to working closely with the companies to create good business environment conducive for the inflow of more foreign direct investments into the extractive sector.
The exercise will cover the activities between 2015 and 2016.
Also the Manufacturers Association of Nigeria has applauded the achievements of the Presidential Enabling Business Environment Council.
The association says an assessment of the verification of the council reveals that 70 percent of its seven point objective set inline with the World Bank indices of ease of doing business has been achieved.
Speaking in an interview with our correspondent Frank Jacobs President of MAN, says the achievement would encourage domestic business and attract foreign direct investments.