Support for Federal Government’s Efforts to Revamp Mining Sector
The Lagos Chamber of Commerce and Industry (LCCI) has officially communicated its unequivocal endorsement of the Federal Government’s endeavours to revive the mining industry in Nigeria. The LCCI has underscored the necessity for these initiatives to guarantee that the mining sector makes a substantial contribution to the country’s Gross Domestic Product (GDP), with an ambitious target of 50 per cent.
According to the LCCI, it is imperative for the government to implement comprehensive measures to overhaul the mining industry, which has been predominantly controlled by foreign entities, to the detriment of Nigerian citizens. The dominance of foreign entities in the sector has led to job losses and capital flight, posing a threat to Nigeria’s economic advancement.
During the 135th Annual General Meeting of the LCCI in Lagos, Dr. Michael Olawale-Cole, the President of the organisation, emphasized the significance of creating more opportunities for local individuals and businesses within the mining industry. He emphasized the need to prevent the exploitation of resources by foreign entities and to generate employment for Nigerians in the mining sector.
Dr. Olawale-Cole also addressed the state of Nigeria’s petroleum industry, advocating for support towards the Dangote refinery to commence oil production. He asserted that this would lead to an increase in foreign exchange earnings for the country, thus furthering overall development. Additionally, he urged the government to take necessary steps to ensure the functionality of the country’s refineries, ultimately reducing the substantial expenditure on fuel importation.
In conclusion, the LCCI fully aligns with the Federal Government’s vision to transform the mining sector, emphasizing the importance of empowering local participation and reducing foreign dominance. As the government continues to implement these reforms, it is essential to prioritize job creation and the retention of financial resources within the country.
