Boosting Foreign Investments in Nigeria’s Mining Sector: Adeolu’s Advocacy for Policy Reform
Waliu Olukayode Adeolu, the esteemed national president of the Nigerian Association for Engineering Geology (NAEGE), has recently made a compelling case for the implementation of crucial policy reforms by the federal government to attract foreign investors and enhance forex inflow in the Nigerian mining sector.
In a recent interview with Business a.m, Adeolu, who also serves as the CEO of Geophase Resources Ltd, expressed his concerns regarding the current state of the mining industry in Nigeria. Despite its significant contributions to employment, revenue generation, and forex earnings, the sector continues to struggle to realize its full potential. Adeolu attributes this to the lack of consistent and well-coordinated policy implementation by the government.
He emphasized the need for a long-term strategy and increased support for the mining industry, pointing out that the inconsistency in government policies over the past two decades has created a challenging environment for businesses and investors. This inconsistency has ultimately hindered the growth and progress of the geosciences and mining sectors in Nigeria, posing obstacles to sustainable development and economic growth.
Adeolu also shed light on the detrimental impact of undocumented mining practices in Nigeria, highlighting how these practices have deprived the country of its full economic potential. Furthermore, he stressed the vital role of geoscientists in safeguarding lives, preserving the environment against climate change, and mitigating building collapses in Nigeria.
In addition to advocating for policy reform in the mining sector, Adeolu has also announced the upcoming launch of “Build On The Go,” an innovative app developed by his company, GEOPHASE. This app is designed to enable users to manage and monitor construction projects remotely, further demonstrating Adeolu’s commitment to advancing the construction and engineering industries in Nigeria.
Furthermore, Adeolu has underscored the importance of taking proactive measures to protect the environment from the adverse effects of climate change. He has called on Nigerians to adopt environmentally friendly practices and materials, emphasizing the significant impact of small changes in mitigating the effects of climate change.
Adeolu’s advocacy for policy reform and sustainable practices in the mining and construction sectors reflects his deep commitment to advancing Nigeria’s economic development and environmental stewardship. His expertise and influential vision have positioned him as a prominent voice in the national discourse on geology, engineering, and environmental sustainability.
As stakeholders and decision-makers consider Adeolu’s insightful recommendations, the prospect of revitalizing the mining industry and advancing sustainable development in Nigeria remains within reach. With strategic policy reforms and collective efforts, the country can unlock its vast economic potential in the mining sector, attract foreign investments, and pave the way for long-term prosperity.
