Establishment of Nigerian Mining Development Bank Bill Passes Second Reading in the House of Representatives
A bill aiming to establish the Nigerian Mining Development Bank (NMDB) has successfully achieved a second reading in the House of Representatives. Following a thorough debate over the fundamental principles of the bill, it was ultimately passed for second reading.
Sponsored by Uchenna Okonkwo, the bill seeks to create the bank to offer financial assistance, encourage investment, and promote sustainable development within the mining sector, which has been confronting numerous challenges of late.
Revitalising the Mining Sector
The Nigerian government has been diligently working towards revitalising the mining sector, which has been marred by the activities of illegal miners, deterring potential investors. Dele Alake, the Minister of Solid Mineral Development, has stressed the importance of restructuring the sector to bolster the nation’s revenue and GDP. Nonetheless, the issue of illegal mining activities across the country remains unaddressed.
Advocating for the Establishment of the Mining Bank
During the debate, Mr. Okonkwo underscored the crucial nature of establishing the bank to generate the necessary financial resources to drive the sector. He emphasised the significance of the bill in terms of economic transformation, inclusive growth, investment promotion, stimulating investment in the mining sector, and ensuring sustainable development and environmental responsibility.
Furthermore, Ahmed Jaha and Gaza Gbefwi also expressed their support for the bill, highlighting the need to encourage local investors and address the risks associated with the mining sector, often overlooked by traditional banking systems.
The Future of the Bill
Following a comprehensive debate, the bill garnered unanimous support from the lawmakers and was referred to the Committee on Solid Minerals for further legislative action.
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