Nigeria Can Earn More Revenues From Solid Minerals Mining Than Crude Oil, MAN Declares
...As CICAN Commends Local Firms For Strides In Manufacturing Sector
By Edu Abade
If properly harnessed and regulated to discourage incursion of illegal miners mainly from countries like China, Nigeria stands the chance of generating double or even triple the amount it realizes from the sale of crude oil at the international energy market, estimated at trillions of dollars.
Chief Executive Officer of Mallinsons & Partners, who doubles as former Chairman and Council Member, Non-Metallic Sector Group of the Manufacturers Association of Nigeria (MAN), Mr. Afarm Mallinson Ukatu, stated this, yesterday, at the annual Commerce and Industry Correspondents Association of Nigeria (CICAN) Conference and Awards in Lagos.
Ukatu, who spoke on behalf of MAN at the conference with the theme: Navigating Fiscal and Monetary Policy Challenges as Threats to $1 Trillion GDP Target by 2030, said for Nigeria to effectively diversify and grow the economy, there was the need to pay special attention to the mining sector.
Stressing that Nigeria is endowed with diverse solid minerals across the country, he said with proper regulation that would effectively check the activities of illegal miners and local content investments, which guarantees the sourcing of mining equipment locally, the country stood the chance of generating more revenue from mining than from crude oil and gas.
Ukatu explained that with commercial quantities of gold, lithium, lead, copper, uranium, bitumen, precious stones and other solid minerals in Zamfara, Nasarawa, Cross River, Kogi, Edo, Kawra and other parts of the country, the Nigerian economy should not remain dependent on a mono-product, crude oil, which often fluctuates due to the vagaries of global crises, market forces and political economy.
“It is dangerous to continue to place the fortunes of the Nigerian economy on one source of earning. That is like putting all ones eggs in one basket and assuming anything happens to the basket of eggs, the country will find itself in a dire situation, which must be avoided.
“God has blessed Nigeria with everything and therefore, we must avoid putting ourselves in a cull de sac. China has discovered the huge potential inherent in solid minerals and has unlocked the secret of mining such precious resources and that is why the country is ‘colonising’ every space where such minerals have been found in commercial quantities worldwide.
“We are aware of the environmental concerns being raised around mining from some segments of the society, particularly from civil society groups, but if the government at all levels put appropriate measures in place to regulate and check illegal mining activities in host communities, Nigeria stands to gain immensely from the extraction of solid minerals, especially Lithium that has been described as a transition mineral globally.”
He stressed that Nigeria’s economy is capable of reaching a $1 trillion Gross Domestic Product (GDP) and even exceeding the figure if the Federal and state governments put the right measures in place in the mining sector to liberate the country from the clutches of a mono-product economy.
In his welcome address, National Chairman of CICAN, Mr. Charles Okonji, commended Rite Foods Limited; Moniepoint Micro Finance Bank; Nestle; NACCIMA; SON; Dangote Group, which blazed the trail in local refining of petroleum products by a private investor, Mallinson & Partners, which broke the jinx of establishing the first tiles manufacturing firm in Nigeria and Bullion Go-Neat Global Limited, which has overcome all obstacles to establish a thriving enterprise, among others.
He commended the companies for overcoming the belief that local firms could not make it in the manufacturing of certain products locally, stressing: “Nigeria has huge potential and with determination, focus and the right direction, any hard working, disciplined person or group of persons can excel in the country.
“Government only needs to provide the enabling environment for private enterprises to thrive and further develop the country’s economy.”
A high point of the was the conferment of awards on Lagos State Governor, Babajide Sanwo-Olu for his administration’s infrastructure development; Gonbe State Governor, Muhammadu Yahaya for massive industrial revolution and Barrister Victor Opara (SAN) for his sustained advocacy in support of industrialists.
Other awardees are Chairman, Chief Executive Officer (CEO), Federal Inland Revenue Service (FIRS), Zacch Adedeji for tax efficiency and innovations; Managing Director and CEO of Bullion Go-Neat Global Limited, Ambassador Olufemi Ajadi, whose COCO Samba herbal drink clinched the product of the year award and Moniepoint Micro Finance Bank for Fintech Company of the year.
