The quest for the development of geodata for investment purposes in the Nigerian mining sector has received a boost as the President of the 10th Senate, Dr. Godswill Akpabio and the Bank of Industry (BoI) assured of their support for mineral exploration.
The BoI and the Senate president agreed with the Geological Society of Nigeria (GSN) that there is a need to de-risk the mining sector (through mineral exploration and geodata development) in order to attract Foreign Direct Investment (FDI) to the sector, and help to realise President Bola Tinubu’s economic diversification agenda for the nation.
The president, Geological Society of Nigeria, Mr. Uba Sa’idu Malami, at the first-ever Roundtable on Geodata Development for Investment Purpose in the Nigerian Mining Sector held recently in Abuja, stated that successive federal governments had shown encouraging commitment to the very important issue of generating geodata for investment purposes in Nigeria.
On his part, Akpabio, who spoke through his senior special adviser on special duties, Elder Geologist Ufot Ebong, stressed the importance of de-risking the sector, and commended the GSN for organising such a very important and timely roundtable that seeks to address the very issues inhibiting the development of the mining sector.
He added that the roundtable was in line with President Bola Tinubu’s commitment to national development through responsible stewardship of the country’s natural resources.
He said, “Legislation plays a pivotal role in achieving this,’ and assured that 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.
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.
“Africa should stop asking the developed nations for peanuts, Africa needs to start developing, we need to look internally and do for ourselves what we need to do that we can do for ourselves.”
She said when this is done, it will open up new vistas of opportunities for FDI for the mining sector.
