The House of Representatives has approved the second reading of a bill aimed at transforming Nigeria’s mining sector through improved funding and public-private partnerships (PPP).
The bill, sponsored by Lanre Okunola, who represents Surulere II Federal Constituency in Lagos State, proposes a comprehensive framework to revitalize mineral resource exploration and extraction. Okunola described the legislation as pivotal for driving economic diversification and reducing Nigeria’s dependence on oil.
“The bill seeks to unlock the full potential of our mining sector, creating jobs, spurring economic growth, and fostering self-sufficiency in mineral resources,” Okunola said during the debate.
The proposed law would establish a Mining Public-Private Partnership Programme, integrating private sector capital, expertise, and efficiency into Nigeria’s mineral resource industry. According to Okunola, this strategy aims to attract both local and international investors while ensuring sustainable funding for exploration and extraction efforts.
The bill outlines measures to attract global expertise and foreign investments by leveraging diplomatic relationships. It also emphasizes adherence to sustainable and ethical mining practices, requiring PPP partners to contribute to the Sustainable Development Goals, uphold corporate social responsibility, and ensure environmentally friendly operations, including post-mining land rehabilitation.
Key provisions of the bill include the establishment of a Technical Management and Advisory Council (TMAC), comprising experts from diverse fields such as geology, mining engineering, law, banking, and civil engineering. TMAC will oversee critical activities, including annual mapping of mining areas, assessing funding needs, and monitoring site remediation after extraction.
The legislation also proposes the appointment of a Mining PPP Coordinator, who will be responsible for policy formulation, operational supervision, and efficient programme implementation. An annual report detailing audited accounts, achievements, and challenges will be submitted to the President for review.
Okunola highlighted the bill’s potential to accelerate economic growth, create jobs, increase revenue, and enhance Nigeria’s global competitiveness in the mining sector.
“This bill represents a significant step forward in reducing our reliance on oil, diversifying our economy, and establishing Nigeria as a leader in sustainable and efficient mining practices,” he added.
The proposed legislation underscores Nigeria’s commitment to harnessing its abundant mineral resources while addressing environmental and social concerns. It will now move to the committee stage for further deliberation.
