The Nigerian Mining Cadastre Office (NMCO) achieved a remarkable revenue of ₦8.2 billion in October 2024, underscoring its pivotal role in the country’s economic diversification strategy. Engr. Obadiah Nkom, the Director General, reported this during a Senate Committee visit, highlighting a significant revenue increase driven by improved regulatory frameworks, transparency, and digitalisation in mining operations. Since its inception, NMCO has generated over ₦36 billion, with 100% remitted to the Federal Treasury. The agency also faces operational challenges, including staffing, power supply issues, and inadequate resources for efficient workflow. The Senate Committee emphasised the need for ongoing reforms to bolster the mining sector’s contribution to Nigeria’s economy.

The Nigerian Mining Cadastre Agency is pivotal in streamlining the mining sector by issuing licenses and monitoring revenue collection. Recent years have seen an increasing trend in revenue generation linked to improved systems and enforcement measures. As Nigeria seeks to diversify its economy beyond oil, the mining sector plays a crucial role, necessitating regulatory enhancements and increased operational efficiency within the NMCO’s framework.

In summary, the NMCO has achieved a record revenue collection, reflecting its strengthened operational capacities and commitment to transparency. However, the agency’s performance is hindered by several operational challenges that need addressing. The Senate Committee’s engagement highlights the ongoing reforms necessary to enhance the effectiveness of the mining sector and ensure its significant contribution to Nigeria’s economic landscape.

Original Source: von.gov.ng

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