Akpabio announced the hearing’s opening on Tuesday and implored all the stakeholders present at the event to actively engage in the deliberations of the hearing.
An investigative hearing of mining activities in Nigeria with the goal of diversifying the nation’s economy has been declared open by the President of the Senate, Godswill Akpabio.
The three-day investigative hearing on “The need to comprehensively review the input and output values of the Nigeria mining industry in the light of its central role to economic diversification, foreign exchange earnings and social inclusion” began on Tuesday, 7th May 2024 and was organised by the Senate Committee on Solid Minerals Development.
Relevant business stakeholders as well as Minister of Solid Minerals Development, Dele Alake attended the hearing, which took place at the National Assembly complex in Abuja.
Akpabio announced the hearing’s opening on Tuesday, saying: “Today, we embark on a three-day Investigative Hearing on the comprehensive review of the Nigeria Mining Industry, driven by the spirit of inquiry and the desire for economic diversification.
“I extend my heartfelt gratitude to the Committee on Solid Minerals Development for their unwavering dedication in organizing this significant event. Their commitment to the development of our nation’s mining sector and their leadership in driving the diversification of our economy is truly commendable.
“The resolution in the Senate that led to this investigative hearing underscores the pivotal role that the mining industry should play in our quest for economic diversification.
“We can no longer overlook the immense potential of this sector. The mining industry should be a cornerstone of our foreign exchange earnings and a catalyst for social inclusion and empowerment.
“Our beloved country, blessed with abundant mineral resources, has the potential to become a global powerhouse in the mining sector. However, to realise this potential, we must confront the challenges that hinder the growth of this sector.
“This investigative hearing presents us with an opportunity to ask the tough questions, identify these challenges, and develop effective strategies to overcome them.”
Akpabio implored all the stakeholders present at the event to actively engage in the deliberations of the hearing.
“Your expertise, concerns, perspectives, insights, and recommendations are invaluable in shaping the future of the Nigeria Mining Industry and propelling our economy towards new horizons.
“Let us engage in constructive dialogue, share best practices, and explore innovative solutions that will infuse the mining sector into the very bloodstream of our economy,” Akpabio said.
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In his opening remarks, the Chairman of the Committee, Senator Ekong Sampson (PDP, Akwa-Ibom South) stated that the Senate mandated his committee to “investigate the immediate and remote causes of the dwindling revenue drivable from Solid Minerals development in the country, review activities of policy administrators, policy executors and industry players at the policy formulation, policy execution and downstream, midstream and upstream operations of the Solid Minerals sector.”
According to him, the committee was also asked to “ascertain the extent and impact of illegal mining activities and the extent of the complicity of both local and expatriate industry players, as well as review all the Bureau of Public Enterprises privatisation and commercialisation of all mining and mineral resources related to programs from 1999 to date.”
