Foreigners Out-Earning Nigerians in Mining Industry, Says Senate President
The Honourable President of the Senate, Godswill Akpabio, has conveyed his apprehension regarding the disparity in earnings between foreign entities and Nigerian citizens within the nation’s mining sector. He emphasized the substantial potential of the industry as a pivotal source of foreign exchange and a catalyst for societal inclusion and empowerment, while deploring the prevailing situation where Nigerians are confronted with insecurity.
Akpabio articulated these concerns during a comprehensive three-day inquiry into Nigeria’s mining sector by the Senate committee on solid minerals in Abuja. He underscored the imperative to address the obstacles hindering the sector’s advancement, and to transition Nigeria’s mono-economy – solely reliant on crude oil – into a fully diversified economy.
The President of the Senate advocated for constructive discourse and the exploration of innovative solutions to integrate the mining sector into the economy. Furthermore, he urged stakeholders to actively participate in the deliberations, offering insights, perspectives, and recommendations to shape the future of the industry.
Moreover, Ekong Sampson, the chairman of the Senate committee on solid minerals, drew attention to the issue of Nigeria losing revenue to illegal and undocumented mining. The primary objective of the three-day investigative hearing is to assess mining policies and regulations, identify hindrances and opportunities in the mining value chain, scrutinize factors contributing to the declining revenue from solid minerals, and appraise the activities of industry participants.
The concerns raised by Akpabio and the Senate committee spotlight the necessity to rectify the imbalances in the mining sector, where foreign entities reap greater benefits than the local populace. The potential of the industry as a pivotal driver of economic expansion and societal development can only be fully realized when there is a level playing field for all stakeholders.
It is paramount for Nigeria to establish an enabling environment that encourages local involvement and ensures that the wealth generated by its extensive mineral resources is equitably distributed. This will necessitate a comprehensive reassessment of mining policies, regulations, and industry activities to guarantee transparency, accountability, and inclusive progress.
As the government and relevant stakeholders endeavor to reinvigorate the mining sector, it is imperative to address the obstacles that have impeded its growth, such as insecurity, illegal mining, and underperformance of industry participants. Through this approach, Nigeria can unlock the full potential of its mineral resources, attract investment, create employment opportunities, and stimulate economic development.
The insights obtained from the investigative hearing serve as a crucial step towards formulating effective strategies to overcome these challenges and propel the mining sector forward. It is vital for the government to engage in dialogue with industry stakeholders, promote local participation, and implement reforms that will establish an equitable and competitive environment for all stakeholders in the mining industry.
Ultimately, the objective is to ensure that Nigerians are the primary beneficiaries of the wealth generated by their natural resources, and to establish the mining sector as a potent driver of economic prosperity and societal inclusion. By addressing the existing imbalances and challenges in the sector, Nigeria can forge a path towards emerging as a global leader in the mining industry.
