Home News Mining: Diversifying Nigeria’s earnings – Badamasi, MD Tanzila Petroleum

Mining: Diversifying Nigeria’s earnings – Badamasi, MD Tanzila Petroleum

For very long, Nigeria has focused on the Oil and Gas sector for revenue generation without enough attention given to other sectors which have great potential for national prosperity.

For Alhaji Shehu Badamasi, “Most people underestimate the importance of the role of the mining sector. Globally, it is a thriving industry that has great potential for national and regional development. There are many national governments of countries that mine and export minerals and rely heavily on that industry to boost their economic performance.”

On whether Nigeria’s mining sector is doing well in terms of policy and funding, the Shehu Badamasi remarked, “You will recall that the present administration of President Buhari in 2016 approved a N30 billion mining intervention fund targeted at boosting activities of operators in the mining sector. With regard to policy, the government’s policy has been geared towards formalization of illegal mining as a way of curbing its implications on national security, generating revenue, increasing employment and industrialization, and reducing poverty.”

“This nation is truly endowed with mineral resources, from Bauchi to Osun and from Cross River to Sokoto. The sector has the potential to create employment and increase revenue. We read in the news as at September 2018 that the Ministry of Mines and Steel Development had generated only N9 billion from November 2015 till September 2018. This is a good start and I think the government is taking steps in the right direction to support small miners and enhance capacity development. I will like to suggest that the direction going forward should be commercial-scale mining which will yield a higher employment outcome and encourage skills transfer to many Nigerians.”

On the future of the mining sector, Shehu Badamasi highlighted the significance of strengthening the regulatory framework for mining, especially as it concerns the environmental impact on host communities. “There should be increased budgetary allocation to the Ministry of Mines, greater transparency in the licensing process, and the ease of doing business in the mining sector. Our regulatory framework should be strengthened while allowing as many players as possible to come into the sector. The hazardous effects from mining activities should continue to be managed by following a consistent environmental impact assessment plan and community development plan.”

“When we talk of building roads, rails and concrete paths, we should remember that the raw materials come from mining. The level of comfort of

Nigerians by way of infrastructural development is largely tied to the development of the mining sector. Looking ahead, both the government and the private sector must draw synergies to enhance the industry for greater impact.”

“Nigeria cannot be left behind. As a matter of fact, many developing African countries are dependent on the exploration and exploitation of their mineral resources such as coal, gold and ore. Many emerging economies are now major players in the production of key mining commodities. We must open our economy even further by developing the mining sector.”

“The second wave of the technology boom is seeing the move away from the use of fossil fuels to the use of alternative electric transportation which is creating a need for industrial metals and minerals which are used in the manufacture of high capacity batteries and other electric vehicle components. Mining and processing of these materials may provide an alternative revenue source for hitherto hydrocarbon-dependent economies like that of Nigeria” Shehu Badamasi concluded


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