Foreigners earning more than the land owners.
Senate President Godswill Akpabio has said foreigners earn more from mining Nigeria’s solid minerals than Nigerians.
Akpabio spoke ahead of declaring open a three-day investigative hearing on: “The need to comprehensively review the input and output values of the Nigeria mining industry in the light of its general role to economic diversification, foreign exchange earnings and social inclusion,” on Tuesday 7th May 2024, in Abuja.
The public hearing was organised by the Senate Committee on Solid Minerals Development, chaired by Senator Sampson Ekong (PDP, Akwa Ibom South).
Akpabio noted that after exploiting Nigeria’s solid minerals and benefiting from them maximally, the foreigners often leave behind a tale of woes, including insecurity.
The Senate President said time has come for the country to benefit from its mining sector, urging stakeholders to discuss the challenges that have hindered the growth of the sector and proffer solutions.
He said: “The resolution of the Senate that led to this investigative hearing underscores the pivotal role that the mining industry plays in our quest for this economic diversification. We can no longer overlook the immense potential of the mining sector in this country.
“The mining sector should by now become a major cornerstone to enable the country earn foreign exchange. It will even be a catalyst for social inclusion and empowerment of the populace.
“As usual, just like fishing, 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 and, in the process, compounding the security situation of our country.”
Committee Chairman Sampson Ekong said the investigation was aimed at identifying bottlenecks and opportunities in the mining value chain and how to develop strategies to increase local content and value addition as well as enhance the sector’s contribution to foreign exchange earnings and economic growth.
In a presentation, Solid Minerals Development Minister Dele Alake noted that while the solid minerals sector was steadily fetching some revenue, the earnings were not enough to meet the developmental needs of the country.
Alake said: “The reason the problem remains till tomorrow, that is the nation being dependent solely on oil, is because there was a free flow of petrol dollars.
“So, we closed our eyes as a society to other critical sectors that could have stabilised and improved the infrastructural and technological development of Nigeria.