Senate Mulls Enacting Laws against Unethical Practices in Mining Sector

Kasim Sumaina in Abuja 

Senate President, Senators Godswill Akpabio at the weekend disclosed that the upper chamber would work with the Geological Society of Nigeria and other critical stakeholders to enact laws against proliferation of unethical practices in the mining sector.

Akpabio, also, said the senate would put in place comprehensive regulations and establish a framework that prioritises environmental protection, community engagement, labour rights and sustainable practices in the sector.

He made the maiden roundtable on geo-data development for investment purposes in Nigeria’s mining sector organised by the Geological Society of Nigeria, stressing the importance of de-risking the sector.

At the roundtable, the senate president shared the position of the Bank of Industry and Geological Society of Nigeria that there was a need to de-risk the mining sector through mineral exploration and geo-data development.

He explained that de-risking the sector became imperative in order   to attract foreign direct investment (FDI) to the sector, and help to realise President Bola Tinubu’s economic agenda for the nation.

Akpabio, represented by his Senior Special Adviser on Special Duties, Ufot Ebong at the roundtable, said the legislation would further play a crucial role by helping to check the proliferation of unethical practices in the mining sector.

He, therefore, commended the Geological Society of Nigeria for organising this very important and timely roundtable that sought to address the very issues inhibiting the development of the mining sector.

He noted that the event was in line with Tinubu’s commitment “to national development through responsible stewardship of Nigeria natural resources.

“Legislation plays a pivotal role in achieving this and the Senate will work with the Geological Society and other relevant stakeholders to put in place, comprehensive regulations and establish a framework that prioritises environmental protection, community engagement, labour rights and sustainable practices while developing the sector.

“The legislation will further play a crucial role by helping to check the proliferation of unethical practices in the mining sector, and Nigeria must address the presence of foreigners who are perpetuating inimical activities in the solid mineral sector.”

Akpabio stressed the need to de-risk the mining sector through the government’s involvement in mineral exploration and make it an alternative source of revenue.

He said: “We are all aware of the challenges posed by our over-reliance on crude as a source of revenue and backbone of the economy. It is an unsustainable model that leaves us vulnerable to volatile market fluctuations and global oil price shocks.”

Akpabio noted that Nigeria is blessed with abundant solid mineral resources, some of which are in huge demand all over the world.

As global demand for these minerals continues to rise, according to Akpabio, it is instructive for Nigeria to manage its vast mineral resources and drive economic diversification, technological advancement and sustainable development.

Likewise, the Managing Director of Bank of Industry, Mr. Olukayode Pitan commended the determination of the Society to unearth the economic potentials of the sector, and called for home grown efforts that will maximize the confidence of investors in the mining sector.

Pitan, represented by Mrs. Olayinka Mubarak, said African nations must develop their mining sector by doing for themselves what they need to do to attract foreign investment.

BOI’s managing director explained that Africa should stop asking the developed nations for peanuts, saying Africa needed “to start the development.

“We need to look internally and do for ourselves what we need to do that we can do for ourselves and when this is done, it will open up new vistas of opportunities for FDI for the mining sector,” Pitan further explained.

President, Geological Society of Nigeria, Mr. Uba Malami discussed the encouraging commitment of successive federal governments to the very important issue of generating geo-data for investment purposes in Nigeria.