The Senate has urged the Executive arm of government to develop policies to safeguard local miners and their enterprises within the nation.
The call came as the Ministry of Solid Minerals Development reported that it had contributed approximately N20 billion to the Federation Account at the end of September 2024.
Senator Ekong Sampson, the chairman of the Senate Committee on Solid Minerals Development, appealed for favourable policies supporting local mining businesses during an oversight visit to the ministry and its agencies in Abuja.
Joining him on the visit were several committee members, including the vice chairman Senator Kabeeb Mustapha, minority whip Senator Osita Ngwu (Enugu West), Senator Diket Plang (Plateau Central), Onyeka Nwebonyi, Mohammed Ogoshi Onawo, Senator Anthony Ani, and Senator Okechukwu Ezea.
The agencies within the ministry are the Nigerian Mining Cadastral Office and the Nigerian Solid Minerals Development Fund.
The committee expressed concern over the recent increases in mining rates, fearing that they might hinder local investments compared to foreign competitors.
In response to inquiries about the need for a policy to protect local miners and ensure the sustainability of their investments, Senator Sampson stated, “We are planning a review of policies. We aim to enhance government revenue. By engaging in thorough consultations and collaboration, we can strengthen the economy.
“We are dedicated to working collectively, and this sector must receive the attention it deserves. With a committed Nigerian minister collaborating closely with the National Assembly, we believe better days are ahead.”
Senator Sampson praised the Ministry’s accomplishments, especially its revenue boost, remarking, “This sector is vital to our economy, and we are encouraged by the improved revenue profile.”
He emphasised the committee’s commitment to unlocking the sector’s potential through collaboration with the Ministry. “With the Ministry’s support and active cooperation, we are optimistic about fostering sustainable development in this critical area,” he noted.
He also pointed out the necessity for a robust legal framework to combat illegal mining. “Illegal operations not only undermine revenue but also disrupt oversight functions. By instituting stricter legal measures, we can cultivate a mining environment free from unauthorised activities,” he explained.
Minister of Solid Minerals Development, Dr Dele Alake and Senator Sampson expressed their readiness to work together to reform the mining sector and implement policies to enhance federal revenue.
Dr. Alake highlighted the Ministry’s revenue achievements, reporting over 17 billion naira collected, a significant increase compared to 2023. He noted a recent success in securing a 2.7 billion naira forfeiture from an illegal mining operator.
He called for a strengthened partnership with the Senate Committee on Solid Minerals Development to propel Nigeria’s solid minerals sector towards sustained economic growth.
Alake also shared the Ministry’s success in attracting foreign investment and elevating Nigeria’s profile on the global stage, especially following the endorsement of Nigeria’s local value-addition policy at the recent Africa Minerals Strategy Group summit, stating, “Nigeria’s solid minerals sector is now a global player.”
