Unveiling the Hidden Value of Nigeria’s Mining Sector
The President of the Nigerian Mining and Geosciences Society (NMGS), Professor Akande Olatunji, has highlighted the discrepancy in the Bureau for Statistics’ portrayal of the mining sector’s contribution to the country’s GDP.
In anticipation of the Society’s 59th Annual International Conference and Exhibition in Jos Plateau State, Professor Olatunji emphasized the immense potential of the mining sector to emerge as a key player in the Nigerian economy and bolster the GDP. However, he stressed that this potential can only be realized through the effective addressal of illegal activities within the sector in accordance with existing legal frameworks.
Professor Olatunji pointed out that the GDP contributions from the mining sector significantly surpass the figures presented by the Bureau of Statistics. He believes that the current calculations fail to fully consider factors such as the number of active mining licenses, employment figures, and other relevant elements, resulting in an underestimation of the sector’s true economic impact.
To fully exploit the potential of the mining sector, Professor Olatunji emphasized the necessity of government funding and the creation of a conducive environment to attract greater investment. He underscored the importance of enhancing the sector’s attractiveness and reducing the barriers for potential investors.
In addressing the issue of illegal mining activities, the NMGS President highlighted that illegal miners tend to operate in areas rich in valuable minerals. He emphasized the imperative of the full enforcement of existing laws to deter such activities within the sector, which requires providing the Mining Inspectorate Office with the requisite resources for effective monitoring and law enforcement.
Professor Olatunji also underscored the significance of investing in the mining sector to effectively combat illegal mining. He emphasized the need for uncompromising enforcement of the law, irrespective of the culprits’ connections or influence, to deter illegal activities and prevent further revenue loss for the country.
Additionally, he clarified the jurisdiction of mining activities between the federal government and the states, noting that mining falls under the exclusive list of the federal government according to the law. He urged compliance with the existing legislation and encouraged states to pursue legislative changes through the appropriate channels if they seek to amend the current framework.
In conclusion, Professor Olatunji’s insights shed light on the untapped potential of Nigeria’s mining sector, underscoring the need for an accurate representation of its contributions to the country’s GDP and the imperative of addressing illegal activities through the proper enforcement of the law. With the appropriate measures in place, the mining sector could indeed emerge as a substantial contributor to Nigeria’s economy.
