The president of the Nigeria Mining and Geosciences Society (NMGS), Mrs. Rose Ndong, has expressed concern over the significant revenue losses resulting from illegal mining activities in the country. She believes that the ongoing review of the solid minerals law by the federal government will help restore sanity to the sector.
According to Mrs. Ndong, the review process has already commenced, with the central government taking steps to address the challenges plaguing the industry. She emphasized the need for a comprehensive overhaul of the existing laws to prevent the continued loss of revenue to illegal mining. The NMGS president pointed out that the current laws are inadequate and have created an environment conducive to illegal activities.
Mrs. Ndong stated that the review of the solid minerals law is a crucial step towards ensuring that the country benefits from its vast mineral resources. She noted that the sector has the potential to generate significant revenue and create employment opportunities, but the current situation is hindering its growth. The NMGS president cited the example of countries like South Africa, which have successfully harnessed their mineral resources to drive economic growth and development.
The NMGS president also highlighted the need for collaboration between the government, industry stakeholders, and other relevant parties to ensure the success of the review process. She emphasized the importance of creating a conducive environment for investment in the sector, which will attract both local and foreign investors. Mrs. Ndong expressed confidence that the review of the solid minerals law will lead to the restoration of revenue and the growth of the sector.
The review of the solid minerals law is expected to address several key issues, including the lack of clear regulations, inadequate enforcement, and corruption. Mrs. Ndong believes that the new law will provide a framework for the sustainable development of the sector and ensure that the country benefits from its mineral resources.
The review of Nigeria's mining law is long overdue, and we welcome any effort to curb the scourge of illegal mining that has ravaged the sector and deprived the government of much-needed revenue. But, we expect more than just words – concrete actions must follow to bring sanity to the sector and restore the country's lost revenue. For everyday Nigerians, a functional mining sector means jobs, infrastructure, and a better standard of living.