LCCI Wants Review of Solid Minerals Road Map

• LCCI Wants Review of Solid Minerals Road Map

The Mining and Solid Minerals Group of the Lagos Chamber of Commerce and Industry has called for a review of the Federal Government’s road map for solid minerals development.

The Chairman of the group, Mr. Babatunde Alatise, said the LCCI recently reviewed the road map and policy initiatives.

“Our initial study of the sector shows that Nigeria’s earnings from solid minerals can potentially outweigh receipts from crude oil. With a huge reserve of about 44 minerals, the sector holds capacity to generate about five million jobs and 20 per cent of the Gross Domestic Product over the next 10 years if the ongoing reform in the sector successfully passes through,” he said at a stakeholders’ forum in Lagos.

He said the Minerals and Mining Act, 2007 should be amended and allow states to have the right to exploit their resources to create an enabling environment and encourage state governments to drive investment in the minerals found in their domains.

He said the Act should be revised to make clear provision for accountability and transparency and avoid loss of government revenue to business operators and regulatory bodies.

Alatise said, “The issue of what should constitute a community agreement before mine development commences seems not clearly defined in the road map. It is observed that the expectations of some communities and sub-national governments are not in tune with the provisions of the Mining Act.”