Stakeholders want the Federal government to pay closer attention to fiscal regime in the mining sector to address concerns of mineral exploitation.
They spoke during the at the just concluded maiden edition of the National Council of Mining and Mineral Development held in Abuja.
A good fiscal regime, mining experts said, would ensure the Nigerian government attracts good benefits to its mining sector. The government would also prevent lose of revenue from illegal excavation of Nigerian mineral resources, which has cost the country billions of dollars due largely to illegal excavations.
Currently, Nigeria is loosing billions of dollars from illegal excavation of its minerals due largely to some ungoverned territories where some expatriates export Nigerian minerals through.
Speaking on illegal mining and exploitation of Nigeria’s mineral resources, Gwom Gwom Jos, Jacob Gyang Buba, a traditional ruler warned of the environmental hazards, that follow illegal exploitation of Nigeria’s mineral. He also urged the government to ensure good fiscal regime for the mining sector to generate more revenues.
“Emphasis must also be laid on better land administration to forestall illegal mining activities,” he adds.
Also speaking, Olumide Anjorin of Xenesis Mineral told BusinessDay at the conference that ”The income potential in the sector is huge, because we are talking of most of these resources dominated in dollar,or particularly in my area of focus which is mines and Gold.
He recommened simplification of mining laws as basic as it could be and a one-stop centre for applications to avoid plurarity of documentation.
“The second is financing. The mineral resources sector is a highly capital intensive sector. We need robust loans, access to capital at a single digit interest rate, not the kind of interest rate we have with typical Nigerian banks. This will enable us get the sector to move with greater speed,” Anjorin said.
He suggested to the federal government to ensure Nigerian miners take the front seat in the Nigeria’s mining sector,and ensure it enacts laws that check aggressive incursions of certain exploitative foreigners.
According to him, “So much billions of dollars have been lost due largely to exploitation from illegal miners particularly from lead ore, Gold, Sapphires and other Gemstones that have been lost.”
Nigeria is blessed with numerous mineral resources,which include: gemstone, metal, gold tin, columbite, sapphire,and the potential is huge, but has not been duly developed as much emphasis on hydro-carbon economy for a long while now.
”The government must pay greater attention to fiscal regime of the sectors,and the issue of foreigners coming without due process, and even hawking of Nigerian mineral resources across borders,” Omaojor Ogedoh, Campaign and Research Officer for African Centre for Leadership, Strategy and Development said at the conference.
