The Nigerian Senate Launches Inquiry into the Economic Impact of the Mining Industry
The Nigerian Senate has kicked off a three-day probe into the economic ramifications of the Nigerian mining industry, recognizing its essential role in economic diversification, foreign exchange earnings, and social inclusion.
The hearing stems from a motion presented by the former chairman of the Senate Committee on Solid Minerals and current Minority Whip of the Senate, Senator Osita Ngwu. Senator Godswill Akpabio, the President of the Senate, formally inaugurated the investigative hearing on Tuesday at the National Assembly complex in Abuja, citing it as a response to Senator Ngwu’s motion.
In his address, Senator Akpabio underlined the gravity of the inquiry, affirming the Senate’s dedication to devising comprehensive solutions and recommendations to enhance revenue and address the needs of the Nigerian populace. He likened the inquiry to the inquisitiveness of Isaac Newton, who conducted inquiries that led to revolutionary discoveries, stressing the significance of pursuing solutions that will shape the future of the nation.
The Senate President also emphasized the necessity to move away from a reliance on crude oil and embrace the abundant wealth of solid minerals in the country. He accentuated the importance of transforming Nigeria’s mono-economy into a diversified one and underscored the need to tackle fundamental questions to improve the country’s Internally Generated Revenue (IGR).
Throughout the hearing, prominent mining stakeholders will be scrutinized on the reasons behind the diminishing revenue from solid minerals development in the country. Furthermore, the committee will assess all privatization and commercialization programs related to mining and mineral resources from 1999 to the present.
Senator Ngwu, who represents Enugu West in the Senate, had earlier introduced a motion in November 2023, urging a halt to further privatization of mining assets pending the conclusion of the investigation. He pointed out that several reports and development plans have recognized the Nigerian mining sector as crucial to economic diversification and social inclusion.
The Senator also highlighted the sector’s failure to substantially contribute to the country’s GDP and overall economic development, despite its extensive mineral wealth and government investment.
The investigation marks a determined effort to address the challenges confronting the Nigerian mining industry and to seek solutions in unlocking its potential for economic growth and development.
Mercy Chukwudiebere
