An economics expert, Leonard Ugbajah, has advised the Federal Government to invest in geological data so as to encourage more investment in the mining sector.
Ugbajah told the News Agency of Nigeria on Friday in Abuja that non-availability of geological data had been a major problem in the mining sector. Geological Data is information or map identifying areas favourable for accumulation of minerals.
Ugbajah said, “If I am coming from abroad to invest in the mining sector in Nigeria. I will possibly have to do my geo-survey.
“I have to do data collection, pay certain amount of money and get all the information I will need that will enable me take my business decision.’’ Ugbajah also advised the government to address insecurity in the sector.
“There is also the problem of illegal mining in which the government has been trying to recognize artisan miners.
“Current regime under the 2007 Mining and Solid Mineral Act has made provision for formalisation of artisan miners,’’ he said.
The expert, however, commended the Federal Government for focusing on the mining sector. “It is in the right direction to look at the resources in which we have and improve our economy’’.
Ugbajah, who is also the Technical Adviser to the Private Sector Coalition on the enactment of Competition Bill, urged Nigerians to be knowledgeable about the importance of the law. “Competition law is a legal framework to promote or maintain market competition by regulating anti-competitive conduct by companies.
“It is otherwise known as anti-trust law and anti-monopoly law in other jurisdictions.
“The major aim of competition law is to ensure a thriving supply market for consumer goods and services,” Ugbajah said.
He said that the coalition had been working to sensitise Nigerians to make them understand why this would be important for their businesses and other businesses as well.
“We are doing that so that it can prepare people for the new regime regulatory framework that is coming into play.
“We have done a good deed of lobbying at the National Assembly,’’ Ugbajah said.
The expert, however, called on the media to collaborate with the coalition to advocate for the passage of the bill.
He said the bill , which had been pending in the National Assembly for 16 years , would soon be presented for public hearing.
NAN
