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Senate promises legislative backing for development in mining sector

The Senate and the Bank of Industry (BoI) have assured of their support for the development of geodata for investment purposes in the Nigerian mining…

The Senate and the Bank of Industry (BoI) have assured of their support for the development of geodata for investment purposes in the Nigerian mining sector.

The BoI and Senate President Godwill Akpabio agreed with the Geological Society of Nigeria (GSN) that there is a need to de-risk the mining sector in order to attract Foreign Direct Investment (FDI) to the sector, and help to realize President Bola Tinubu’s economic agenda for the nation.

Akpabio spoke through his Senior Special Adviser on Special Duties, Elder Geologist Ufot Ebong at the first-ever roundtable on Geodata Development for Investment Purpose in the Nigerian Mining Sector.

He said: “I must commend the GSN for organizing this very important and timely roundtable that seeks to address the very issues inhibiting the development of the mining sector.”

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According to him, the roundtable was in line with Tinubu’s commitment to national development through responsible stewardship of our natural resources.

“Legislation plays a pivotal role in achieving. We are all aware of the challenges posed by our over-reliance on crude as a source of revenue and backbone of the economy. It is an unsustainable model that leaves us vulnerable to volatile market fluctuations and global oil price shocks,” he added.

Mrs. Olayinka Mubarak who represented the Managing Director of BoI, said: “African nations must develop their mining sector by doing for themselves what they need to do to attract foreign investment,’ she said, stating that ‘Africa should stop asking the developed nations for peanuts, Africa needs to start the development, we need to look internal and do for ourselves what we need to do that we can do for ourselves.”

Earlier, President of GSN, Mr. Uba Sa’idu Malami, discussed the encouraging commitment of successive federal governments to the very important issue of generating geodata for investment purposes in Nigeria.

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