Event Description

Posted Wed, Jul 24, 2024 11:30 AM

Timeframe: Tue, Aug 13, 2024 2:00 PM - Tue, Aug 13, 2024 4:00 PM

Leveraging the African Mining Vision for Nigeria’s Mining Industry Transformation and Growth

The Nigerian mining sector has yet to reach its full potential, despite efforts by the Federal Government to revive it since 2005. The Federal Government has made several reform efforts, including modernising the mining policy, law, and regulations and investing in geoscience data generation. Yet, the mining sector's contribution to the economy, excluding the crude petroleum and natural gas sub-sector, remains below 1 percent of GDP (National Bureau of Statistics, 2024). This situation extends to the sector's low contributions to employment, revenues, and exports, with adverse environmental, social, and economic impacts. The association of the industry with violent conflicts, banditry, and terrorism due to the illegal mining and trading of high-value metals such as gold and lithium has further worsened the situation. Also, Nigeria still has only one large-scale industrial mine, the Segilola gold mine in Osun State. It has yet to discover any other mineral deposits that could become mines.  

To benefit from its wide range of minerals, the Federal Government should reform and align its policy, legislative, and regulatory framework for mining with the AMV. Undertaking these reforms and business and investment climate reforms for mining will unlock the mining sector's untapped potential to catalyse sustainable economic diversification, industrialisation, broad-based development, and a more prosperous nation.

Given the multitude and depth of governance issues in Nigeria's mining sector and the multisectoral, intergovernmental, and multistakeholder structure of the AMV, the starting point is to use the AMV to develop a new Nigerian mining policy focused on transforming the Nigerian mining industry for greater socio-economic impact. The policy will clarify the laws, regulations, and institutions required to implement it and achieve its goals.

The NESG will hold a virtual pre-summit event titled “Leveraging the African Mining Vision for Nigeria’s Mining Industry Transformation and Growth” to build public awareness of the issues limiting the mining industry from meeting its potential. This event will also highlight the policy actions required to reform and transform the mining sector using the AMV as a policy framework. The goal is to make the mining sector a key economic driver of inclusive growth, industrialisation, and diversification in Nigeria.