Nigerian Senate Launches Inquiry into Solid Minerals Development

The Nigerian Senate has commenced a three-day investigative hearing to examine the economic impact of the mining industry in the country with the objective of evaluating how the mining sector can contribute to economic diversification, foreign exchange earnings, and social inclusion.

The hearing was initiated by a motion presented by Sen. Osita Ngwu, who previously chaired the committee on solid minerals and currently holds the position of minority whip of the Senate. The committee will utilize the hearing to investigate the reasons behind the declining revenue generated from solid minerals development and review all mining-related privatisation and commercialization programmes that have taken place since 1999.

Sen. Ngwu, the head of the Senate Committee on Solid Minerals, expressed concerns about the ongoing privatization of mining assets and called for a cessation of further privatization until the committee completes its investigation. Ngwu emphasized the vital role of the mining sector in Nigeria’s economic diversification and its significance in social inclusion.

Despite the abundant mineral resources in the country, Sen. Ngwu pointed out that the mining sector has failed to significantly contribute to job creation, infrastructure development, and the overall GDP of the economy. He expressed apprehension over the Bureau of Public Enterprises (BPE) selling off publicly funded mining facilities without demonstrating substantial benefits to the industry.

During his opening remarks, Senate President, Sen. Godswill Akpabio, stressed the importance of the inquiry and the necessity to find solutions that will generate additional revenue for the country. He underlined the significance of reducing Nigeria’s dependence on crude oil and leveraging the nation’s rich solid mineral deposits to achieve economic diversification and reduce insecurity caused by illegal mining.

Akpabio emphasized that the investigation aims to address fundamental questions about the country’s economic structure and urged stakeholders to provide suggestions on how to boost Nigeria’s internally generated revenue (IGR).

The investigative hearing underscores the Senate’s commitment to addressing the challenges that have inhibited the solid minerals sector from making a substantial contribution to the Nigerian economy. The inquiry is expected to produce recommendations to drive the development of the mining industry and enhance economic diversification.

Led by the Senate Committee on Solid Minerals, the hearing represents a critical step towards unlocking the potential of the mining sector and reshaping Nigeria’s economic landscape. It demonstrates the government’s determination to explore new avenues for revenue generation and stimulate inclusive economic growth.

The inquiry is poised to provide a platform for stakeholders to contribute ideas and solutions that will aid in transforming Nigeria from a mono-economy reliant on crude oil to a diversified and robust economy. The comprehensive findings and recommendations from the hearing will guide policy decisions and interventions aimed at revitalizing the solid minerals sector and fostering sustainable economic development.

In conclusion, the Senate’s initiative to investigate the mining industry’s contribution to economic diversification is a pivotal move in reshaping Nigeria’s economic trajectory. The outcomes of the inquiry are anticipated to drive reforms and interventions that will harness the full potential of the solid minerals sector and bolster the nation’s economic prospects.