Policy Reform Urged to Attract Foreign Investment and Boost Mining Sector
Waliu Olukayode Adeolu, the president of the Nigerian Association for Engineering Geology (NAEGE), has issued a formal call for a strategic overhaul of government policies to attract increased foreign investment and strengthen the foreign exchange earnings of the mining sector.
Adeolu, who also holds the position of CEO of Geophase Resources Ltd, emphasized the imperative need for consistent and deliberate policy implementation to drive Foreign Direct Investment (FDI) and Foreign Exchange (Forex) in the Nigerian mining industry. Despite the considerable economic contributions of the mining sector, such as job creation and revenue generation, Adeolu observed that it has not yet reached its full potential.
In an interview with Business a.m, Adeolu expressed disappointment in the government’s failure to prioritize the mining sector and provide the necessary support for its growth. While acknowledging some recent policy initiatives, he underscored the lack of consistency and coordination, resulting in diminished investor confidence. He urged the government to develop a comprehensive, long-term strategy to unlock the economic potential of Nigeria’s vast solid mineral resources.
Adeolu voiced concerns regarding unregulated mining practices in Nigeria, emphasizing their impact on the country’s economic progress. He also highlighted the adverse effects of inconsistent government policies on the geosciences and mining sectors, creating an uncertain environment for businesses and deterring long-term investments.
The CEO of Geophase Resources Ltd called for policy consistency to attract investors willing to develop mines at an economic scale under the strategic control of relevant government agencies. He emphasized that aligning policy with developmental goals in the mining sector would benefit not only Nigeria but the entire African continent.
Adeolu also underscored the pivotal role of geoscientists in safeguarding lives, preserving the environment, and mitigating building collapses in Nigeria. He emphasized the significance of pre-construction investigations conducted by engineering geologists and geotechnicians to ensure the durability of structures and prevent tragedies.
Furthermore, Adeolu stressed the importance of protecting the environment from the harmful effects of climate change, advocating for the use of environmentally friendly materials and practices to mitigate its impact. He proposed the construction of more concrete roads as a way to promote a more eco-friendly environment, citing their lower carbon footprint and longer lifespan compared to asphalt roads.
In conclusion, Adeolu called for greater collaboration between the government and relevant professionals to address mining and geoscience-related challenges. He highlighted the knowledge-based expertise of professional bodies, offering informed recommendations to drive the sustainable growth of these sectors.
In summary, Waliu Olukayode Adeolu’s advocacy for policy reform is rooted in the belief that a strategic overhaul of government policies is essential to attract foreign investment, enhance the mining sector, and promote environmentally sustainable practices. His comprehensive insights provide a compelling case for the urgent need to unlock the economic potential of Nigeria’s mining industry.
