Senate President Godswill Akpabio has voiced concerns that foreigners are benefiting more from Nigeria’s mining sector than the Nigerians themselves. Speaking in Abuja during a three-day investigative hearing organized by the Senate Committee on Solid Minerals Development, Akpabio highlighted the urgent need for a comprehensive review of the mining industry’s contributions to the economy, particularly regarding economic diversification, foreign exchange earnings, and social inclusion.
The hearing, chaired by Senator Sampson Ekong of Akwa Ibom South, aims to scrutinize the input and output values of the mining industry and address the longstanding issues that have hampered its growth. “The mining sector should by now have become a major cornerstone to enable the country to earn substantial foreign exchange. It can also serve as a catalyst for social inclusion and the empowerment of our populace,” Akpabio stated.
He lamented the exploitation by foreign entities that, after extracting maximum value from Nigeria’s solid minerals, leave behind a legacy of insecurity and socio-economic disruption. “More foreigners are earning from the mining sector more than Nigerians. At the end of the day, what they leave us with are stories of woes and tales of killings in order to enter mine fields, thereby compounding the security situation of our country,” he explained.
Senator Ekong expressed that the investigation was crucial to identifying bottlenecks and opportunities in the mining value chain. The goal is to develop strategies that enhance local content and value addition, which would, in turn, boost the sector’s contribution to foreign exchange earnings and overall economic growth.
The Solid Minerals Development Minister, Dele Alake, also contributed to the discussions, noting that while the sector was generating some revenue, it was insufficient to meet the developmental needs of the country. He criticized past oversights which led to a dependency on oil revenues while neglecting other critical sectors that could stabilize and enhance Nigeria’s infrastructural and technological development.
The outcomes of this hearing are expected to guide future legislative and policy decisions aimed at optimizing the mining sector's performance and ensuring it contributes more effectively to Nigeria’s economy.
0 Comments