The House of Representatives has approved a bill for second reading aimed at ensuring adequate funding for mineral resources exploration and extraction through public-private partnerships.
- Lanre Okunola, the sponsor and member representing Surulere II Federal Constituency, described the bill as a transformative framework to advance Nigeria’s mining sector through improved funding and strategic collaborations.
- Okunola stated, “The bill aims to ensure that our mining sector reaches its full potential, creating jobs, fostering economic growth, and enhancing Nigeria’s self-sufficiency in mineral resources.”
- He explained that the legislation will establish a mining public-private partnership programme to integrate private sector capital, expertise, and efficiency into Nigeria’s mineral resource industry.
- The primary goal is to secure adequate funding for exploring and extracting Nigeria’s abundant mineral resources, reducing reliance on oil, diversifying the economy, and attracting local and international investments.
- The bill also outlines measures for leveraging global expertise and diplomatic relationships to attract capable investors.
