Mining experts suggest ways to exploit Nigeria’s mineral resources
Mining experts suggest ways to exploit Nigeria’s mineral resources
Mining experts suggest ways to exploit Nigeria’s mineral resources
By Matthew Eloyi
Experts and scholars in the mining sector, who met in Abuja at the weekend to review options and strategies most suitable for gainful exploitation of the nation’s solid minerals have suggested more liberal laws apart from the complete overhaul of the sector to make it more viable and attractive to investors.
The one-day seminar, which focused on “Legislative interventions in Nigeria’s mining sector for sustainable revenue generation,” as its theme, warned that restrictive federal and local laws, banditry, and the high cost of mining in remote parts of the country have collectively turned the sector into a highly risky area where serious financiers are afraid to invest in.
President, Nigerian Chambers of Mining, Alhaji Sani Shehu, stated in an interview after the seminar that mining which required huge capital investment needs the Federal Government to create an attractive and conducive investment climate to bring in big-time investors.
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He regretted that the situation now can be compared to “throwing stones into the ocean” adding that “no matter how long one throws in money into the sector now, no visible results or profit either will be attracted in a short or long period.”
The way forward, he stated, is for the government to create the environment that will help bring in foreign investors who have the type of capital and the equipment that the sector requires to become profitable.
Another participant, Barrister (Dr) Mainasara Kogo Umar, who is a member of the governing council of the Federal College of Education in Adamawa state, also called for a proper survey and delineation of parts of the country where solid mineral deposits can be found in commercial quantities.
He stated that proper mapping of the nation’s mineral deposits will help provide instant data and information to would-be investors especially those foreigners who are desirous of investing and exploiting the minerals.
He said such mineral sites should be declared free trade zones with guaranteed tax exemptions as incentives for would-be investors while state and Local Government administrations should invest and refrain from undue interference in the activities of miners.
