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From Adanna Nnamani, Abuja
The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for sweeping reforms in the country’s solid minerals sector, warning that failure to act now will leave the nation behind in the global race for green-energy minerals.
In a statement signed by its spokesperson, Obiageli Onuorah on Friday, NEITI said it has unveiled a bold, actionable reform agenda to reposition Nigeria’s solid minerals sector from a neglected contributor of less than 1% of GDP into a powerhouse for economic diversification, jobs, and sustainable community development.
The Initiative noted that the country’s solid minerals sector has underperformed for decades despite its vast potential. It’s cited its latest audit, which showed that only N401.87 billion was generated from the sector in 2023, representing only 0.83% of GDP.
It said that weak laws, illegal mining, smuggling, outdated governance, and neglected host communities have kept the sector stagnant while global demand for green-energy minerals, lithium, cobalt, nickel, surges.
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Commenting on the issue, NEITI’s Executive Secretary, Orji Orji, disclosed that Nigeria’s deposits of lithium, cobalt, nickel, and rare earth elements are becoming even more valuable than oil in a world rapidly shifting toward clean energy.
With the right reforms, he said, the solid minerals sector could attract billions of dollars in investment, generate massive government revenues, create high-quality jobs for youth and women, and deliver real development to long-neglected mining communities.
According to him, “The time for lamentation is over. If we fail to act boldly and immediately, others will transform their mineral wealth into prosperity while Nigeria watches.”
Orji proposed reforms include updating the country’s mining legislation, improving transparency through a digital mining cadastre, ensuring host communities have a legal right to participate in decisions affecting their land and resources, and investing in local mineral processing to retain more value within the country.
He also called for high-level political will, urging the Federal Government and the National Assembly to demonstrate leadership by enacting new laws and establishing a National Minerals Development Council under the direct oversight of the Presidency.
