- Fayemi eyes 10% GDP contribution
Why is Nigeria earning a paltry N31.449billion annually from the solid minerals sector when it could actually earn as much as N50 trillion?
This is the mystery the House of Representatives is determined to solve as it braces to probe the loss of almost N50 trillion annually in the mining sector.
The House yesterday mandated its Committee on Solid Minerals Development to invite all stakeholders involved in the process of mapping, licensing, mining and exportation of solid minerals in order to determine the extent of compliance with the Mining Act, 2007.
The House’s resolution followed the adoption of the prayers of a member, Hon. Lovette Ederin Idisi entitled: “Call for an End to the Violation of the Mining Act of 2007 by Mining Companies, Individuals and Regulatory Bodies.”
According to the House, the Committee should also determine the number of licensed miners against the number of unlicensed miners and the number of prosecutions, if any, and convictions secured with regard to the violations of the Act.
The committee will again ascertain the data and value of exploited and exported solid minerals and where they are located, and report back to the House within four weeks for further legislative action.
Meanwhile, the Federal Government said it is currently focused on ensuring that the solid minerals sector improves its contribution to the Gross Domestic Product (GDP) of the country, from 0.3 per cent to at least 10 per cent in the near future.
To achieve this, the government will reposition the solid minerals sector to meet its plan to diversify the economy and create employment through the sector.
Minister of Solid Minerals Development, Dr. Kayode Fayemi, said a lot of innovations are being put in place to overcome all the blockages that could hinder the attainment of the goal.
Fayemi who spoke yesterday while delivering a keynote address at the 52nd Conference of the Nigerian Mining and Geosciences Society (NMGS) in Ilorin, Kwara State, said the industry has great opportunities for diversification and linkages to the development of other sectors of the economy.
His Special Assistant (Media), Yinka Oyebode in a press statement quoted Fayemi as saying:
“We strongly believe that the only way minerals development can be sustainable is through economic linkages. We shall promote the development of industrial minerals and encourage down stream linkages leading to the processing of these minerals for our local industries.”
While moving the motion, on the floor of the House, Idisi said “illegal mining and exportation of gold and barites are going on in the country in clear violation of Section 7 of the Act, which requires any person wishing to export solid minerals to obtain a permit.”
He noted that the Mining Act of 2007 which repealed the Minerals and Mining Act No. 34 of 1999, prohibits unauthorized exploration/exploitation of solid minerals in the country and vests on the Federal Government, the responsibility of implementing the provisions of the Act by creating an enabling environment for the exploration, exploitation and sustainable development of these resources for the benefit of the nation.
