Exploring Economic Diversification: Senate Launches Inquiry into Solid Minerals Development

A three-day investigative hearing on the value and impact of Nigeria’s mining industry on economic diversification, foreign exchange earnings, and social inclusion has been initiated by the Senate. This inquiry stems from a motion put forward by former chairman of the committee on solid minerals, and current minority whip of the Senate, Osita Ngwu.

The hearing will involve questioning major mining stakeholders about the reasons behind the declining revenue from solid minerals development in the country. Furthermore, the committee will review all privatisation or commercialisation programs of mining and mineral resources related programs dating back to 1999.

Chairman Senate Committee on Solid Minerals, Osita Ngwu, has called for a halt to further privatisation of mining assets until the investigation is concluded. Emphasising the significant role of the Nigerian mining sector in economic diversification and social inclusion, as identified in various economic development programmes and fiscal documents.

The Senate aims to address the longstanding policy incoherence and weak institutional dis-alignment that has resulted in the underutilisation of the sector’s economic potential. Concerns also exist about the BPE’s ongoing privatisation and commercialisation of public funded facilities related to the Nigerian mining and mineral sector, despite the lack of impactful outcomes from previous privatisation programs.

President of the Senate, Sen. Godswill Akpabio, highlighted the necessity of the investigative hearing, initiated based on Senator Ngwu’s motion. The Senate is determined to engage with stakeholders and develop comprehensive solutions and recommendations to boost the contribution of the mineral sector to the nation’s economy, in alignment with the government’s agenda.

Akpabio reiterated the importance of diversifying Nigeria’s economy by tapping into the abundance of solid minerals across the nation, which would reduce dependency on crude oil and alleviate the impact of illegal mining on national security. The ultimate goal is to transform the mono-economy into a fully diversified one, and enhance Nigeria’s Internally Generated Revenue (IGR).

The significance of this inquiry cannot be overstated, as it is a crucial step towards unlocking the full potential of Nigeria’s mining industry. The collaboration between the Senate and various stakeholders is indicative of a shared commitment to driving economic growth and prosperity through the development of solid minerals.

As the investigative hearing progresses, significant insights and recommendations are expected to emerge, setting the stage for a more robust and sustainable approach to solid minerals development in Nigeria. The dedication and unwavering commitment of the committee and its members are commendable, and their efforts will undoubtedly contribute to shaping the future of the nation’s economy.