LCCI: FG Should Tackle Mineral Challenges To Scale back Oil Dependency

LCCI: FG Should Tackle Mineral Challenges To Scale back Oil Dependency
Mining of Minerals
Mining of Minerals


The Lagos Chamber of Commerce and Industry (LCCI), has charged the Federal Authorities that, regardless that the coverage to manage the stable minerals sector in Nigeria has potential financial advantages, the necessity to handle the related challenges can be essential as a way to realise its full potential and guarantee sustainable and inclusive improvement.

With the decline within the international oil market, diversifying into the stable minerals sector reduces Nigeria’s dependency on oil revenues.

LCCI president, Gabriel Idahosa, mentioned this is able to assist mitigate the influence of oil worth fluctuations on the nation’s economic system and improve financial stability.

“The event of the stable minerals sector is more likely to create job alternatives throughout varied levels of exploration, mining, processing and advertising and marketing.

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This could contribute considerably to lowering unemployment and fostering financial development.

“The efficient regulation of this sector may also result in elevated income era for the federal government by way of taxes, royalties and different levies, which may then be utilised for infrastructure improvement, social packages and different public companies. By regulating the sector, Nigeria can place itself to take part extra successfully within the international marketplace for stable minerals. This could open new alternatives for worldwide commerce and partnerships,” he mentioned.

He added that the approval of this coverage assessment permits for higher administration and utilization of the considerable stable mineral assets in Nigeria; guaranteeing that the assets are exploited judiciously, effectively and sustainably, stopping their depletion and guaranteeing long-term financial advantages.

He added that the profitable implementation of the coverage might face varied challenges, together with regulatory hurdles, lack of infrastructure and bureaucratic inefficiencies, which may hinder the coverage’s supposed advantages.

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