Mkhululi Ncube from the African Minerals Development Centre stated that the newly launched African Mining Vision (AMV) aims to rejuvenate Nigeria’s mining sector by integrating mining into broader industrial and social development. This initiative promotes economic growth by connecting mining with local industries and various sectors.

The AMV was unveiled during the Nigerian Economic Summit and serves as a private sector-driven platform for sustainable mining development and equitable benefits. It aims to enable the domestication of AMV in Nigeria, creating collaborative efforts among the government, communities, and private entities, and fostering a partnership between the NESG and AMDC for managing the AMV Private Sector Compact.

According to Ncube, “It will transform the continent’s mining sector into a catalyst for broader economic transformation, focusing on integrating mining into industrial and social development.” The transformation relies on investments in industrial linkages, enhancing local participation, and resource-based industrialisation.

He pointed out that the AMV Compact aligns with mining firms’ core values and practices, moving beyond mere compliance with national legislation. Following a model akin to the UN Global Compact, it encourages businesses to align their operations with universal principles around human rights, labour rights, environmental sustainability, and anti-corruption.

Despite governmental initiatives since 2005 to rejuvenate the mining industry, including law modernisation and geoscience data investment, issues persist. A NESG study identified key challenges, namely the lack of a regulatory commission, exclusion of sub-national governments, a misaligned exploration strategy, and fragile economic linkages.

The AMV Private-Sector Compact presents a cost-effective avenue for the private sector to engage with essential stakeholders, which is critical for creating a viable and sustainable mining environment that addresses governmental and societal needs while leveraging AMV mechanisms for development.

The African Mining Vision (AMV) aims to transform Africa’s mining sector by embedding it into the broader context of industrial and social development. It intends to facilitate economic growth through improved linkages among mining, local industries, and other sectors. The vision emphasises sustainable development and social responsibility, guiding private sector engagement and collaboration for better outcomes in mining. The recent unveiling during the Nigerian Economic Summit underscores its importance in revitalising Nigeria’s mining landscape.

The launch of the African Mining Vision signals a significant step towards revitalising Nigeria’s mining sector by fostering sustainable development and economic growth. By promoting collaboration between the government, private sector, and communities, it aims to address the sector’s challenges and enhance local participation. The initiative is expected to align mining practices with broader social and industrial objectives, benefiting all stakeholders involved.

Original Source: businessday.ng

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