– The House of Representative’s Committee on Solid Minerals proposed allocating 5% of mining revenue to host communities
– The legislation aims to formalize collaboration between states and the federal government in harnessing the benefits of the mining sector
– The bill also addresses security issues by establishing a new mines inspection and environmental agency
– The proposed legislation, titled “Nigerian Minerals and Mining Act (Amendment) Bill”, sponsored by Hon. Jonathan Gbefwi and Hon. Benjamin Kalu
– It aims to bridge the gap between federal and state governments, empowering the Mineral Resources and Environmental Management Committee (MIREMCO)
– The Deputy Speaker of the House of Representatives, Kalu, emphasized the potential of the mining sector to contribute more to the country’s GDP
– The private sector-led approach to mining is seen as essential for unlocking the sector’s true potential
– The proposed legislation represents a turning point for Nigeria’s mineral wealth management and aims to create a more sustainable mining sector by fostering collaboration and addressing security and environmental protection issues.
