The Senate on Tuesday approved the establishment of an agency for the development of solid mineral resources in the country.
The approval followed a debate on a bill sponsored by Senator Tanko Al-Makura, which sought to encourage investment and foreign exchange earnings for the country.
It was titled “A bill for an Act to establish the Nigerian Mineral Development Corporation to invest and catalyse investments in the mining sector, to promote and support mining sector growth and for all related matters.”
Senators who contributed to the debate 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.
The Senate agreed that the bill should pass second reading when the Senate President, Ahmad Lawan, subjected its passage to voice vote.
He thereafter referred the proposed legislation to the Senate Committee on Solid Minerals for public hearing and report back in four weeks.
Senator Sani Musa, while supporting the bill, said there was no better time for the bill to be introduced than now.
He said, “With the setting up of the Nigerian Mineral Development Corporation, it will give an antidote to expanding our economy, increasing our Gross Domestic Product, and also check the excesses of illegal miners.
“With the setting up of this corporation, I think there will be a legal framework for which the operators will operate.”
President of the Senate, Ahmad Lawan, said Nigeria has a lot more to do if the country must succeed in diversifying its economy by ensuring the development of the solid minerals sector.
Lawan said the exploration of solid minerals, besides being an avenue to diversify the country’s dependence on oil, remained a sure way for Nigeria to improve on its foreign exchange earnings and Gross Domestic Product figures.
