ADVERTISEMENT
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Thursday, May 19, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
The Nigerian Senate Plenary [PHOTO CREDIT: @NGRSenate]

The Nigerian Senate [PHOTO CREDIT: @NGRSenate]

Senate moves to establish N5bn Mineral Development Agency

The bill, according to its sponsor, is aimed at investing and containing investments in the mining sector to promote mining.

byQueenEsther Iroanusi
March 23, 2021
3 min read

A bill to establish Mineral Development Corporation (NMDC) has scaled second reading at the Senate.

The bill, which is aimed at investing and containing investments in the mining sector to promote mining, is sponsored by a former Nasarawa State governor, Tanko Al-makura (APC, Nasarawa South).

It was read for the first time in September 2020.

The bill scaled second reading on Tuesday after a lengthy debate by lawmakers.

In the lead debate, Mr Al-makura said the legislation was in line with the Buhari-led administration to diversify the Nigerian economy.

Next to agriculture, he said, the solid mineral sector had been identified as one with the potential to compete and eventually replace crude oil as a major source of foreign exchange earnings.

He said Nigeria was blessed with an abundance of solid minerals in five distinct classes, namely precious mineral/gemstones (ruby, emerald etc), metallic ores (lead, zinc, copper etc), construction minerals (laterite, granite, gravel, sand etc) and energy minerals (bitumen, coal and uranium among others).

He said these resources remained largely untapped and unexplored.

The lawmaker said the agency seeks to develop upstream exploration and production, midstream mineral processing and metallurgy and downstream logistics, trade and export which will catalyse investment in the entire mining value chain in Nigeria.

“It is expected that the establishment of the NMDC will urgently address the challenges of Internally Generated Revenue (IGR) currently facing state Government in Nigeria, as it would provide the much needed revenue to deliver on the administration’s priority areas of infrastructure development; social inclusion and poverty reduction, industrialisation and job creation for the citizens of Nigeria,” Mr Al-makura said.

Cost of setup

Successful setup and take off of the agency (including all initial capital and operating expenditure), he said, will require N5 billion.

1X Bet AD

“Initial funding shall be by way of a sovereign guarantee. The federal government would pay up its 70 per cent equity contribution and the institutional investor shall pay their respective equity participation to the corporation.

“Subsequent funding of the NMDC would be through the Nigerian Mineral Development Fund (NMDF) which will be managed by the corporation strictly in accordance with international best practices.”

The NMDC is proposed to be a state-owned Enterprise (SOE) with private sector participation and governance control as the vehicle for unbundling upstream and downstream commercial activities in the Nigerian solid mineral sector.

Key activities of the agency

Mr Al-makura said the activities and scope of the corporation would broadly cover the following areas:

* Mineral exploration activity for solid minerals located within Nigeria.

* Investment in mineral processing and metallurgical technology for identified and commercially viable minerals and metals in Nigeria.

* Creation (Management) of the Nigerian Mineral Development Fund (NMDF) which will be an independently managed fund set-up by the corporation as a channel for proper investment in the solid mineral sector.

* Creation of an active solid mineral exchange and all associated key enablers to provide a trading window for both individuals and institutional investors in the Nigerian Solid Mineral Sector.

* Ensure technology transfer and local content development in the Nigerian Solid Mineral Sector.

The commercial segment to be explored, according to the lawmaker, will focus on acquiring selected licenses for the seven priority minerals (Gold, Lead/Zinc, Iron Ore, Baryte, Limestone, Bitumen and Coal) through partnership agreements with state and local governments while sharing revenue with them in pre-agreed ratios.

Contributions

Senators who contributed to the debate argued that Nigeria was losing billions of dollars daily to foreign miners who were taking advantage of the lack of agency to oversee solid mineral exploration and exploitation of the products.

Sani Musa (APC, Niger East), said the bill will give international miners the confidence to invest because they know that whatever they want to invest will be protected.

Advertisements



It will also help this country in generating employment for so many youth and reduce the security risk, he said, because the lack of this legislation gave rise to illegal miners who use their activities to fuel insecurity.

Binos Yaroe (APC, Adamawa South) said the legislation would promote and support the development of the solid minerals sector which will lead to diversification of the economy and less dependence on the petroleum sector.

“It will also lead to the creation of jobs. There is no part of this country that does not have one solid mineral or the other; so we need a coordinating body to drive the development of this sector,” he said.

Ike Ekweremadu (Enugu West), however, argued that despite the minerals in the country, nothing can be changed if the constitution is not amended to allow states to have access to these minerals.

The states, he alleged, are colluding with illegal miners to undermine the provisions of the constitution.

“Time has come to look at how we can further devolve powers to the states so that they can have access to the minerals in their respective territories. I support this bill but I believe there is a need for proper interrogation of the bill regarding the provisions of the constituents and other relevant law,” Mr Ekweremadu said.

After a voice vote, the bill was read for the second time and was referred to the Senate Committee on Solid Minerals for public hearing. The committee is to report back in four weeks.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

CITIZEN-FM AD


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: To place an advert here . Call Willie - +2348098788999


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes





PT Mag Campaign AD

Previous Post

Mourinho did not ruin my career as Makelele helped me adapt – Mikel Obi

Next Post

Osun govt seals off 23 ‘substandard’ schools

QueenEsther Iroanusi

QueenEsther Iroanusi

QueenEsther Iroanusi covers the National Assembly for PREMIUM TIMES. She is a 2018 Female Reporters Leadership Programme fellow of the Wole Soyinka Centre for Investigative Journalism. She has a degree in French. She can be reached on Twitter @QueenExtha

More News

Governor of Sokoto State, Aminu Tambuwal, Chairman of the PDP governor's forum [PHOTO CREDIT: @AWTambuwal]

2023: Don’t mortgage your children’s future, Tambuwal tells Lagos PDP delegates

May 19, 2022
An APC Flag

APC clears 31 House of Assembly aspirants in Ekiti

May 19, 2022
The Nigeria Police Force Headquarters, Louis Edet House Abuja.

Police react to video of officer screaming for help in vehicle

May 19, 2022
David Mark [PHOTO CREDIT: @SenDavidABMark]

PDP National Convention: Mark assures aspirants of transparent process

May 19, 2022
Olawale Bakare, an alleged child abuser after he was released on bail

Jubilation as court releases schoolteacher, accused of rape, on bail

May 19, 2022
Minister of the FCT, Muhammad Bello [PHOTO CREDIT: @OfficialFCTA]

FCT minister suspends inauguration of newly elected council chairpersons, councillors

May 19, 2022
Next Post
Osun State Governor, Adegboyega Oyetola. [PHOTO CREDIT: Official Twitter handle of Mr Oyetola @GboyegaOyetola]

Osun govt seals off 23 'substandard' schools

Vice President Yemi Osibanjo takes the AstraZeneca COVID-19 vaccine. [PHOTO: Presidency]

Nigeria makes progress one year after recording first COVID-19 death

Leave Comment

Search

AUN-PT Ad





Transport-Technology


Stanbic Ad


Access Bank Ad





Glo Ad


Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,841,300 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • Dubawa
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.