On Wednesday, the House of Representatives advanced a bill aimed at enhancing funding for mineral exploration and extraction in Nigeria through public-private partnerships. Lanre Okunola, the bill’s sponsor and representative for Surulere II, Lagos State, argued that the legislation would modernise the mining sector by securing investment and promoting sustainable practices. The proposed framework is designed to create a mining public-private partnership programme, facilitating the integration of private capital and expertise in the industry. The focus includes diversifying the economy beyond oil dependency while attracting local and international investors.

The bill establishes a Technical Management and Advisory Council to oversee mining activities and ensure adherence to sustainable practices, including site rehabilitation post-mining. A Mining PPP Coordinator will be tasked with policy formulation, operational supervision, and performance reporting, which will be submitted annually to the President. Okunola emphasised the transformative potential of the bill, highlighting benefits like job creation, economic diversification, and enhanced global competitiveness.

The proposed bill highlights the urgent need for Nigeria to diversify its economy away from oil dependence and explore its rich mineral resources. By establishing a framework for public-private partnerships, the government aims to attract investment and expertise necessary for sustainable development in the mining sector. Initiatives like the Technical Management and Advisory Council will support strategic oversight to enhance operational efficiency and environmental responsibility, thus aligning industry practices with global standards.

The approval of the mineral exploration funding bill signals a strategic move towards revitalising Nigeria’s mining sector through public-private partnerships. By securing private investment and expertise, Nigeria can harness its vast mineral resources to drive economic growth, create jobs, and improve sustainability practices. Overall, this legislative effort aims to position Nigeria as a competitive player in the global mining landscape.

Original Source: punchng.com

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