Nigeria Considers New Law to Tap Mineral Resources and Boost Economy
The Nigerian parliament is currently in discussions regarding the passing of a new law that is specifically aimed at addressing the untapped potential of the country’s mineral resources in order to stimulate economic growth. Benjamin Kalu, the deputy speaker of the House of Representatives, delivered a presentation on the proposed legislation at a policy forum in Abuja, the capital of Nigeria. He underscored that the new law, known as the ‘Nigerian Minerals and Mining Act (Amendment),’ is designed to establish a favorable regulatory framework that will facilitate the exploration, extraction, and utilization of Nigeria’s valuable mineral resources.
Kalu stressed that despite the country’s abundant mineral wealth, it remains largely untapped and overshadowed by the reliance on revenue from crude oil. The mining sector currently makes a minimal contribution to the gross domestic product (GDP), and the government has set a target of increasing this contribution to 3% by 2025. Kalu expressed the need to revitalize the mining industry in order to diversify the economy and harness its full potential.
The proposed law aims to establish clear guidelines and regulations to attract both domestic and foreign investment in the mining sector, while promoting transparency and accountability in the governance of resources. The overall goal is to make the mining sector more viable, create job opportunities, and unlock the immense potential of Nigeria’s mineral wealth.
Nigeria is renowned for its rich deposits of minerals such as gold, iron ore, coal, limestone, zinc, lead, bitumen, and barite. However, the sector has historically faced challenges such as inadequate infrastructure, regulatory inconsistencies, and security concerns, which have hindered its full potential. The forthcoming legislation seeks to address these issues and create a more favorable environment for the mining industry to thrive.
In conclusion, the enactment of the proposed law could bring about significant changes in Nigeria’s mining sector, paving the way for increased investment and development. By tapping into its vast mineral resources, Nigeria has the potential to boost economic growth, create employment opportunities, and diversify its sources of revenue.
Source: MENAFN Daily News Egypt
