Unlocking the Potential of Nigeria’s Mining Sector: Challenges and Opportunities
The Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, has addressed the myriad of obstacles impeding the growth of Nigeria’s mining sector. During his speech at a Public Policy Dialogue on Nigeria’s Minerals and Mining Legislation in Abuja, he emphasized the adverse effects of insecurity, inadequate infrastructure, and the dearth of skilled labour in the mining industry.
Kalu lamented the heavy dependence on oil in Nigeria, resulting in the neglect of the mining sector despite the country’s abundant mineral resources. He highlighted that the mining sector contributes a meagre 0.3% to the country’s GDP. To tackle these issues, he referenced the Nigerian Minerals and Mining Act (Amendment) Bill, along with eight other mining bills, aimed at revolutionizing the nation’s mineral wealth.
The Deputy Speaker advocated for a shift towards a private-sector-led approach to the mining sector, stressing the importance of collaboration between the government and businesses to fully unleash Nigeria’s mining industry potential.
Furthermore, Kalu pointed out the recent advancements in the mining sector, citing the Segilola Gold Project in Osun state as an example of the positive impact of private-sector involvement. The Segilola Gold mine, Nigeria’s first industrial-scale gold mine, has demonstrated the immense economic potential of the mining sector, posting impressive revenue figures.
In a goodwill message, Nasarawa State governor, Alhaji Abdullahi Sule, echoed the urgency of reforming Nigeria’s solid minerals sector, emphasizing that solid minerals should not be overlooked in favour of oil. He called for the optimization of the abundant mineral resources in every state of Nigeria for the benefit of the people.
During his welcome address, Chairman of the Committee, Hon. Jonathan Gbefwi Gaza, underscored the significance of improved governance in the mining sector. He highlighted the crucial priority areas to enhance the sector, particularly in terms of regulation and community development.
Gaza also discussed the establishment bill for a Solid Minerals Development Company, which allocates 75% ownership to the private sector, showcasing the committee’s recommendations for the sector’s development.
Finally, the Executive Secretary of the National Assembly Library Fund, Hon. Henry Nwawuba, expressed the commitment of the library to organize more engaging dialogues in the future to address the challenges and opportunities in Nigeria’s mining sector.
In conclusion, the current dialogue signifies a growing recognition of the importance of reform and investment in Nigeria’s mining sector. The challenges of insecurity, inadequate infrastructure, and a lack of skilled labour must be met with comprehensive reforms and strategic partnerships to truly unlock the economic potential of Nigeria’s mineral wealth.
