The President of the Senate, Godswill Akpabio has assured the Senate will work with the Geological Society and other relevant stakeholders to put in place comprehensive regulations and establish a framework that prioritises environmental protection, community engagement, labour rights and sustainable practices in the sector.
He said the legislation will further play a crucial role by helping to check the proliferation of unethical practices in the mining sector.
The BoI and the Senate President agreed with the Geological Society of Nigeria (GSN) that there was need to de-risk the mining sector (through mineral exploration and geo-data development) in order to attract Foreign Direct Investment (FDI) to the sector, and help to realise President Bola Tinubu’s economic agenda for the nation.
Akpabio, who spoke in Abuja through his Senior Special Adviser on Special Duties, Ufot Ebong at the maiden Roundtable on Geo-data Development for Investment Purpose in the Nigerian Mining Sector, stressed the importance of de-risking the sector.
He said: “I must commend the GSN for organising this very important and timely roundtable that seeks to address the very issues inhibiting the development of the mining sector.”
The Senate President noted that the event was in line with President Bola Tinubu’s commitment to national development through responsible stewardship of Nigeria natural resources.
His words: “Legislation plays a pivotal role in achieving this and the Senate will work with the Geological Society and other relevant stakeholders to put in place, comprehensive regulations and establish a framework that prioritises environmental protection, community engagement, labour rights and sustainable practices while developing the sector.
“The legislation will further play a crucial role by helping to check the proliferation of unethical practices in the mining sector, and Nigeria must address the presence of foreigners who are perpetuating inimical activities in the solid mineral sector.”
Akapbio stressed the need to de-risk the mining sector through government’s involvement in mineral exploration and make it an alternative source of revenue.
The Senate President said: “We are all aware of the challenges posed by our over-reliance on crude as a source of revenue and backbone of the economy.
“It is an unsustainable model that leaves us vulnerable to volatile market fluctuations and global oil price shocks.”
Akpabio noted that Nigeria is blessed with abundant solid mineral resources, some of which are in huge demand all over the world.
He pointed out that as global demand for these minerals continue to rise, it is instructional for Nigeria to manage its vast mineral resources and drive economic diversification, technological advancement and sustainable development.
Also, the Bank of Industry (BoI), commended the determination of the Society to unearth the economic potentials of the sector, and called for home grown efforts that will maximize the confidence of investors in the mining sector.
Mrs. Olayinka Mubarak who represented the Managing Director of BoI, said African nations must develop their mining sector by doing for themselves what they need to do to attract foreign investment.
she added that Africa should stop asking the developed nations for peanuts.
Mubarak said: “Africa needs to start the development, we need to look internal and do for ourselves what we need to do that we can do for ourselves and when this is done, it will open up new vistas of opportunities for FDI for the mining sector.
Earlier, President, Geological Society of Nigeria, Mr. Uba Sa’idu Malami discussed the encouraging commitment of successive federal governments to the very important issue of generating geodata for investment purposes in Nigeria.