The Senate President, Godswill Akpabio on Tuesday has declared opened an investigative hearing to review activities in Nigeria’s mining industry, aimed at achieving diversification of the country’s economy.
The three-day Investigative Hearing titled “The Need to Comprehensively Review the Input and Output Values of the Nigerian Mining Industry in Light of Its Central Role in Economic Diversification, Foreign Exchange Earnings, and Social Inclusion” was organized by the Senate Committee on Solid Minerals Development.
Declaring the hearing open, the Senate President said the idea was conceived by the desire for economic diversification.
“The resolution in the Senate that led to this investigative hearing underscores the pivotal role that the mining industry should play in our quest for economic diversification.
“We can no longer overlook the immense potential of this sector. The mining industry should be a cornerstone of our foreign exchange earnings and a catalyst for social inclusion and empowerment.
“Our beloved country, blessed with abundant mineral resources, has the potential to become a global powerhouse in the mining sector. However, to realize this potential, we must confront the challenges that hinder the growth of this sector.
“This investigative hearing presents us with an opportunity to ask the tough questions, identify these challenges, and develop effective strategies to overcome them.”
Akpabio implored all the stakeholders present at the event to actively engage in the deliberations of the hearing.
“Let us engage in constructive dialogue, share best practices, and explore innovative solutions that will infuse the mining sector into the very bloodstream of our economy,” Akpabio said.
In his opening remarks, the Chairman of the Committee, Senator Ekong Sampson, said the Senate mandated his committee to “investigate the immediate and remote causes of the dwindling revenue derived from Solid Minerals development in the country, review activities of policy administrators, policy executors, and industry players at the policy formulation, policy execution, and downstream, midstream, and upstream operations of the Solid Minerals sector.”
Accordingly, in an interview with a member of the committee Senator Muhammad Ogoshi Onawo representing Nasarawa South believed that with this development the country may be able to get more revenue through the diversification efforts of the committee in collaboration with the present administration
Senator Onawo further assured Nigerians that they would do every thing with in their powers as committee on solid minerals to ensure collaboration with the Federal Government in establishing the required legislations to move the sector powered
This will propel the present administration’s quests to improve revenue earnings for socio economic development of the country
He added that this would also help states to improve on their internally generated revenues for socio economic as well as infrastructural development, urging stakeholders to give their maximum supports and cooperation to achieve the desired objectives.
The committee was also asked to “ascertain the extent and impact of illegal mining activities and the extent of complicity of both local and expatriate industry players, as well as review all the Bureau of Public Enterprises privatisation and commercialisation of all mining and mineral resources related to programs from 1999 to date.”
Cov/Bashir M
