Nigeria can generate roughly $3 billion from solid minerals, according to the Senate’s Finance Committee.
In a statement released on Sunday, Senator Sani Musa, the chairman of the finance committee, noted that the mining sector in particular is a hidden treasure in terms of the country’s income potential.
He said that the informal sector, which makes up roughly 80% of the Nigerian economy, will be properly examined by the Senate Finance Committee. With mining as its main focus, the group will research ways to strengthen the unorganised industry.
He stated:
“This was corroborated by the Ministry of Mines and Steel Development that the solid minerals have the capacity to generate about 2-3 billion US dollars annually.
“We will dedicate our efforts to understanding and nurturing this sector with appropriate legislation with emphasis on formalising artisanal and medium-scale mining activities.”
Musa pointed out that this tactical choice will boost the economy while encouraging safer and more ethical behaviour.
“We will harness and raise revenue sources from both the Blue Marine and the Creative Economies, by setting targets.
“The committee will legislate to encourage regulations of consumption and production, facilitate enabling environment through legislation for domestic industries to develop and stimulate economic growth through direct foreign investments inflow.
“Upholding fiscal discipline is pivotal to our financial health. As Senate Finance Committee, we will fasten our commitment to prudent revenue sourcing, ensuring that every income earned is being accounted for so that our nation’s priorities and development goals can be addressed,” he said.
cc: Punch Ng
