The Senate has passed for second reading a Bill which seeks to establish an agency for the development of solid mineral resources in Nigeria.

The Bill titled: “A Bill for an Act to establish the Nigerian Mineral Development Corporation to invest and catalyze investments in the mining sector, to promote and support mining sector growth and for all related matters” was sponsored by Senator Tanko Al-Makura.

The Bill among others seeks to encourage investment and foreign exchange earnings for the country.

Some of the lawmakers lamented that the country was losing billions of dollars daily to foreign miners who were taking undue advantage of the lack of such a coordinating agency.

Senators approved that the Bill read a second time when it was put to voice vote by President Ahmad Lawan.

Lawan later referred the Bill to the Senate Committee on Solid Minerals for further legislative work and to report back to plenary in four weeks.