The Nigerian economy stands to benefit significantly from increased investment in the non-metallic mining sector, as highlighted by Mr. Afam Mallinson Ukatu. At a recent event, he urged the Federal Government to recognize the potential of this sector, which could provide abundant jobs and superior returns compared to oil investments. The mining sector is deemed underutilized and could help alleviate the current economic challenges facing Nigeria, provided policies are updated to attract more investors. Ukatu emphasised the importance of innovation and sustainability for the sector’s growth. Despite obstacles including inadequate infrastructure and regulatory challenges, there is potential for resilience and competitiveness in the industry. Similarly, discussions about Nigeria’s manufacturing sector underscored the need for a strategic repositioning to reach a $1 trillion GDP target by 2030, highlighting the importance of infrastructure and reduced production costs to foster growth.

The mining sector in Nigeria, specifically non-metallic mining, is seen as a crucial yet underdeveloped aspect of the economy that could help lift the nation out of its economic troubles. Mr. Afam Mallinson Ukatu, an expert in the field, advocates for increased governmental support and modernised policies to harness this sector’s full potential. The industrial landscape also hints at a need to enhance the manufacturing sector to not only support GDP growth but also improve job creation and economic inclusivity.

Investment in the non-metallic mining sector presents significant opportunities for Nigeria’s economic recovery and job creation. By modernising policies and focusing on innovation, the government can drive this sector forward. Additionally, the manufacturing sector requires immediate attention to achieve ambitious GDP goals. A collaborative approach involving policymakers and the private sector is crucial for fostering sustainable economic growth in Nigeria.

Original Source: www.brandtimes.com.ng

The post Investment in Mining Sector as Key to Nigeria’s Economic Recovery first appeared on Nigerian Mining News.

The ongoing conflict between the Osun State Government (OSG) and Segilola Resources Operating Limited (SROL) highlights serious concerns regarding the misuse of state power. Despite SROL’s achievements in establishing Nigeria’s first commercial gold mine and contributing to the economy, the OSG has launched unfounded public accusations that jeopardise SROL’s reputation and investor confidence. Key tactics employed include manipulating the judiciary, misusing media to spread misinformation, and failing to engage in constructive dialogues regarding tax disputes. The OSG’s actions have raised eyebrows, particularly regarding their use of a magistrate court for complex corporate disputes, highlighting a departure from standard legal practices. The accusations of tax evasion and environmental degradation against SROL lack credible backing and distract from valid concerns within the broader mining context. Moreover, the contradictory claims about OSG’s shareholding in SROL further illustrate a troubling trend of undermining profitable ventures that could benefit Osun State’s economy. The intercession of the Federal Government establishes an urgent need for mediating the OSG-SROL conflict; however, the OSG persists with new allegations, raising doubts about their integrity. This ongoing saga poses a risk not only to SROL’s future but also to Nigeria’s potential as a key player in the global mining market, necessitating a shift in OSG’s approach to foster long-term economic stability and attract foreign investment.

Nigeria is richly endowed with over 44 types of solid minerals that could significantly enhance economic growth if managed responsibly. Segilola Resources Operating Limited (SROL) has made strides in the mining sector by establishing Nigeria’s first commercial gold mine, generating international interest and showcasing the potential for ethical, productive mining operations. However, the Osun State Government’s actions against SROL raise serious concerns regarding the governance and stability of business operations in the state.

In conclusion, the OSG’s current approach risks significant harm to both SROL’s viability and Osun State’s economic prospects. Investors prioritise stability and transparency, and the OSG’s tactics threaten to undermine Nigeria’s aspirations as a competitive mining destination. It’s imperative for the OSG to engage in productive dialogues, focusing on long-term benefits for the local economy over politically motivated strategies.

Original Source: www.thisdaylive.com

The post The OSG’s Misuse of Power Against Segilola Resources: A Threat to Nigeria’s Mining Future first appeared on Nigerian Mining News.