Nigeria’s Massive Revenue Loss from Illegal Mining Revealed by ECOWAS Speaker
The Speaker of the Economic Community of West African States (ECOWAS) Parliament, Mohamed Tunis, has unveiled an alarming statistic pertaining to Nigeria’s mining sector. Tunis revealed that the country is currently forfeiting a striking 91 per cent of its potential revenue from mining activities as a result of illicit practices within the sector.
During the inauguration of a three-day seminar entitled “Illegal Mining and its Implications in the ECOWAS Region,” Tunis underscored that a substantial 80 per cent of mining activities in Nigeria’s northwest region are conducted unlawfully. This illicit operation leads to a staggering 91 per cent loss of potential mining revenue for the nation.
Furthermore, Tunis stressed the significant impact that the mining sector could have on neighbouring West African nations. He cited that it has the capacity to contribute 7.5 per cent to Ghana’s GDP, 10.2 per cent to the GDP of Burkina Faso, and 4 per cent to the GDP of Cote d’Ivoire. In stark contrast, Nigeria only derives 9 per cent from the mining sector, a consequence of widespread illegal mining activities in the region.
In emphasizing the adverse effects of illegal mining, Tunis highlighted that it not only deprives the region of much-needed revenue for economic growth but also leads to security concerns, including banditry, kidnapping, thuggery, and in some cases, insurgency.
In light of these alarming revelations, the Speaker called for the effective regulation of the mining sector, emphasizing that this measure can significantly impact the economies of the Member States in a positive manner. Tunis urged ECOWAS member states to take concrete actions to address illegal mining, stressing the importance of implementing sustainable solutions and effective regulation to combat this issue.
The ECOWAS Parliament, representing the 15 member states of the Economic Community of West African States, serves as a platform for regional dialogue and action on crucial issues such as mining, security, and economic development. With 115 seats and 14 committees, the Parliament plays a vital role in addressing and resolving key challenges faced by the member states.
As the region grapples with the pervasive issue of illegal mining, the insights shared by Speaker Mohamed Tunis shed light on the urgent need for concerted efforts to regulate the mining sector and combat illicit activities. The call to action extended by the Speaker serves as a crucial reminder of the critical importance of addressing illegal mining for the sustainable development and economic prosperity of the ECOWAS region.
