The Nigerian Senate has passed for second reading, a Bill seeking to establish the Nigerian mineral development corporation.
According to the sponsor, Senator Umar Almakura, the Bill seeks to “invest and catalyze investments in the mining sector, as well as promoting and supporting mining sector growth in the country”.
Most of the senators who supported the Bill during its debate, also urged the Senate to go beyond passing the Bill to ensuring that effective provisions are made to protect local investors in the sector.
They also argued that Nigeria was losing billions of dollars daily to foreign miners who were taking advantage of the lack of agency which is overseeing solid mineral exploration and exploitation of the products.
President of the Senate Ahmad Lawan, while commending the sponsor of the Bill, expressed optimism that establishing such corporation would boost Nigeria’s revenue generation capacity.
Thereafter, the Bill was referred to the Senate committee on solid minerals with a mandate to report back to the Senate in plenary within four weeks.
Dominica Nwabufo
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