Muhammed Ladan from NIALS advocates for a comprehensive mining policy in Nigeria to boost the economy by attracting investments. He points out the country’s rich mineral resources and the potential for growth if challenges like poor funding are addressed. The need for infrastructure and incentives is critical to draw investors into the mining sector.
Muhammed Ladan, director-general of the Nigerian Institute of Advanced Legal Studies (NIALS), has urged the federal government to adopt a comprehensive mining policy framework to enhance Nigeria’s economic diversity. Speaking at an inaugural lecture in Abuja, Ladan highlighted significant issues within the mining sector, including insufficient funding, and stressed the necessity for governmental support to attract investment. Despite Nigeria’s wealth of mineral resources like cobalt and gold, a lack of exploration investment over the past thirty years has impeded progress. Ladan emphasized the need for hard infrastructure and tax incentives to draw both domestic and foreign investors into the mining industry. At the same event, lecturer Peter Akper noted that although Nigeria is rich in minerals across numerous sites, it is predominantly recognised for its oil and gas sector. He advocated for a mining policy that would provide essential guidelines for sector development, utilising Nigeria’s mineral wealth to drive economic growth.
Nigeria possesses vast mineral resources, including at least 44 different types in about 450 locations throughout the country. However, the mining sector has not been sufficiently developed or recognised, primarily due to a historical focus on oil and gas. This has led to underinvestment and missed opportunities for economic diversification, which a comprehensive mining policy could address by providing clarity and direction for sustainable sector growth.
A robust mining policy is crucial for Nigeria to unlock its mineral potential and diversify its economy away from reliance on oil and gas. By implementing this policy, improving infrastructure, and offering tax incentives, the government can attract necessary investments, which could significantly bolster the economy.
Original Source: gazettengr.com