Nigeria’s Mining Sector: A Missed Opportunity for Citizens
The President of the Senate, Godswill Akpabio, has expressed his apprehension regarding the fact that foreigners are reaping greater financial rewards from Nigeria’s mining industry than its own citizens. He has conveyed his disappointment at the disparity, emphasizing that despite the significant potential of the mining sector to serve as a significant source of foreign exchange and empowerment for the country, Nigerians are contending with insecurity while foreigners are profiting from its resources.
Akpabio articulated these concerns during a three-day investigative hearing on Nigeria’s mining sector conducted by the Senate committee on solid minerals in Abuja. He underscored the urgency of addressing the challenges inhibiting the sector’s growth, urging stakeholders to actively participate in the discussions to shape the industry’s future.
The President of the Senate underscored the significance of leveraging the country’s abundant mineral resources, with the aim of diversifying Nigeria’s mono-economy, which is currently reliant solely on crude oil, into a fully diversified economy. He emphasized the necessity of engaging in constructive dialogue, sharing best practices, and exploring innovative solutions to integrate the mining sector into the economy.
Meanwhile, Ekong Sampson, the Chairman of the Senate committee on solid minerals, highlighted that Nigeria is losing revenue on a daily basis due to illegal and undocumented mining activities. The committee’s investigative hearing is aimed at reviewing mining policies and regulations, identifying bottlenecks and opportunities in the mining value chain, and investigating the causes of the diminishing revenue from solid minerals.
The concerns raised by Akpabio and Sampson have shed light on the untapped potential of Nigeria’s mining sector and underscore the need to address the issues that have hindered its growth. The insights and recommendations arising from the investigative hearing will be pivotal in formulating strategies to develop the industry and harness its benefits for the nation.
