- Improved Funding: A bill to ensure adequate funding for mineral resources exploration and extraction through public-private partnerships has passed its second reading in the House of Representatives.
- Transformative Framework: The proposed legislation aims to advance Nigeria’s mining sector through improved funding, strategic public-private collaboration, and adherence to international best practices.
- Objectives: The bill seeks to establish a mining public-private partnership program, secure adequate funding, reduce reliance on oil, diversify the economy, and attract local and international investments.
- Sustainable Practices: The bill emphasizes sustainable and ethical mining practices, requiring partners to contribute to Sustainable Development Goals, adhere to corporate social responsibility, and ensure environmentally friendly operations.
- Technical Management: A Technical Management and Advisory Council will oversee activities such as annual mapping, funding requirements, and land rehabilitation.
The House of Representatives has approved a bill for second reading that aims to boost Nigeria’s mining sector through public-private partnerships. According to Lanre Okunola, the bill’s sponsor, this legislation will help the sector reach its full potential, creating jobs, fostering economic growth, and enhancing self-sufficiency in mineral resources.
The bill outlines measures to leverage global expertise and diplomatic relationships to attract investors capable of maximizing mineral exploration and extraction across Nigeria. It also provides for the creation of a Technical Management and Advisory Council comprising experts in various fields.
Okunola highlighted the bill’s potential benefits, including economic growth, job creation, environmental sustainability, increased revenue generation, and improved global competitiveness. If passed, this bill could be a significant step forward for Nigeria’s mining industry.
