Having identified Nigeria’s Mineral and Mining Sector prospects, the Federal Government has resolved to seal all leakages causing heavy revenue loss to the nation’s economy.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, mentioned this yesterday while addressing stakeholders from the Ministry of Mines and Steel Development and the Securities and Exchange Commission, SEC, during a live webinar.
Ahmed mentioned that a mineral guideline initiated by the Government of Nigeria to keep accurate mineral trade data and guarantee efficient monitoring of export proceeds is already in motion.
Also, the Finance Minister stressed that the guideline, meant to organise activities in the sector, caters for the Government attempt to utilise resourcefully royalties accumulated from quarrying companies.
Still, on moves to eradicate leakages in the industry, Zainab Ahmed revealed some provisions as contained in the guideline. She said it aims to facilitate Federal Government’s free shipment inspection policies on every export deal.
Noting that the mining sector is currently an alternative means to generate revenue, the Minister hinted that Government aims to rejuvenate the industry to become competitive with the oil and gas sector.
She emphasised the need to harness the potentials of Nigeria’s mineral sector, which is already part of the main goals of President Muhammadu Buhari’s Administration.
Mrs Ahmed said the mining sector possesses the prospects to create employment opportunities as well as develop the nation’s rural settlements, among other possibilities.
She posited that the initiatives installed would encourage collecting tax and levies from exports of rare resources of the Solid Minerals Sector to Government pockets.
The Minister added that the guideline would ensure transparency of the mining data, minimise revenue leakages. She said it would remove unnecessary bottlenecks experienced with transactions by both exporters of minerals and the regulatory agencies.
She added that streamlining the operations of the mining sector through the commodities trading ecosystem and other initiatives will ensure proper regulation of the solid minerals extracting industry in Nigeria.
She was confident that the outcome of the webinar and the strategic partnership between the mining sector and the capital market community would enhance the competitiveness of new non-oil commodities.
The Finance Minister assured investors of her ministry’s support to ensure the Federal Government’s objective to develop the country’s mineral potential is accomplished.
Ahmed stated that the nation stands to benefit more in an organised mining and solid mineral extractive industry with the capital market ready to contribute its quota.