By Nathaniel Zaccheaus, Abuja
Senate President, Godswill Akpabio, and Minister of Solid Minerals Development, Mr. Dele Alake, yesterday, stressed the need to explore the sector for the purpose of tackling the current foreign exchange crisis in the country.
They spoke at 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 Central Role to Economic Diversification, Foreign Exchange Earnings and Social Inclusion”.
It was organised by the Senate Committee on Solid Minerals Development.
Declaring the event open, Senate President, Godswill Akpabio, wondered why “our national economy continues to rely solely on crude oil”?
He also asked, “Why can’t we infuse our economy with the richness of solid minerals and liberate ourselves from the shackles of oil dependence?”
“How can we transform our mono-economy into a fully diversified economy? Akpabio further queried.
He noted that his observations were the fundamental questions that the stakeholders must confront and address.
He said, “Today, we embark on a three -day Investigative Hearing on the comprehensive review of the Nigeria Mining Industry, driven by the spirit of inquiry and the desire for economic diversification.
“I extend my heartfelt gratitude to the Committee on Solid Minerals Development for their unwavering dedication in organizing this significant event.
“Their commitment to the development of our nation’s mining sector and their leadership in driving the diversification of our economy is truly commendable.
“The resolution in the Senate that led to this investigative hearing underscores the pivotal role that the mining industry should play in our quest for economic diversification.
The Minister for Solid Minerals Development, Mr. Dele Alake, said the reason that the forex problem remains was because the nation is dependent solely on oil, hence there was a free flow of petrol dollars.
He said, “We closed our eyes as a society to other critical sectors that could have stabilized and improved the infrastructural and technological development of Nigeria.
“We had free flow of oil and so we became quite indulgent and partisan. But like the Senate President said, that’s history now.
“We are being compelled by a global trend to now shift our focus to the solid mineral sector in this country because we don’t really have a choice than for us to open up the sector and of course give it the much-needed life, that is, inject life into that sector.
“There are so many other countries in the world that don’t have oil, that have no options, but solely rely on their solid minerals.
“They are thriving, and they are moving ahead and they are developed more than us.
“What has been the clog in the wheel of Nigeria’s economic progress, especially in the solid mineral sector?
“Again, it is because we decided to shift our attention away. Now that we have been compelled by the trend in the world of shifting away from fossil fuel, from oil, into minerals and the global warming conditions have also compelled the world to shift attention away from global warming-inducing industrialization.
“Green energy is a watchword in the world today. And what are those things that ginger and sustain green energy? It’s the minerals. And this critical metals we have in abundance.
“So, if the world is shifting attention away from fossil fuels and of course because of global warming going towards green energy, it then means this is a time for Nigeria’s resurgence, what I call Nigeria’s resurgent is here.
“With due respect, the idea of ‘dwindled revenue’ derivable from the solid minerals sector is not reflective of the fact.
“This is far from the reality of revenue performance as reported by several credible research organizations, including Nigerian Bureau of Statistics in the last five years.
“Distinguished senators and members of the highly prestigious
committee, with the above facts, I believe you will agree with our Ministry that the idea of dwindling revenue is alien to the revenue performance of the Solid Minerals Sector, particularly in the last five.
years.
“The issue therefore, is not that the revenue is dwindling but that this increasing revenue is still too low compared to the economic potential of the Solid Minerals Sector and the level of economic activities in the
sector.
“We agree with the conclusion of NEITI and other stakeholders that although the sector contributed 0.63 percent to GDP in 2021, from 0.45% in 2020 and 0.26% in 2019,‘the sector has not yet
reached its full potential in making a significant impact on the overall Nigerian economy.’
“As at now, the reality of the Solid Minerals sector and its contribution to the national economy is seriously under-investigated and under-reported. This is one of the reasons why the Ministry is partnering with the BS to improve the quality of its research and consequently, the credibility of its data.
“On our part, as the regulatory body, we are increasing our data
gathering capacity, technological sophistication and visibility of the
system.
