The House of Representatives Committee on Solid Minerals has recently disclosed that Nigeria is losing a staggering $9 billion annually due to illegal mining activities. Chairman of the Committee, Jonathan Gaza, expressed concerns regarding the detrimental impact of this issue on the country’s overall development.
During a public hearing on illegal mining in the solid mineral sector, Gaza highlighted the significant conflict arising from the control of mining sites by illegal miners, leading to heightened instances of violence and insecurity. It is imperative for the nation to take immediate and decisive action to rectify this situation, as it is gravely affecting the welfare and progress of the country.
Gaza stressed the urgency for regulatory measures to curb the unregulated exploitation of natural resources, which not only jeopardizes the sustainability of the mineral sector but also causes environmental degradation and substantial revenue loss. This loss of revenue, amounting to $9 billion annually, greatly diminishes the potential benefits that could have otherwise uplifted communities and the nation as a whole.
As responsible representatives of the people, the parliament is deeply troubled by the significant revenue loss resulting from unregulated and illicit mining operations. It is crucial to recognize that unlawful mining practices have dire financial consequences for the country, particularly as the only revenue comes from a mere 3 percent royalty paid by the small number of licensed miners.
It is evident that immediate and collective action is necessary to revitalize and develop the critical solid mineral sector for the benefit of all Nigerians. Furthermore, preserving the environment for the well-being of future generations is a shared responsibility that must be taken seriously.
It is essential for all relevant stakeholders to come together in collaboration and devise effective measures to rectify this crisis. By operating within the framework of the law, protecting natural resources, and ensuring sustainable mining practices, Nigeria can safeguard its economic potential and pave the way for a promising future.