The House of Representatives, on Wednesday, 20 November, 2024 approved for second reading a bill to ensure adequate funding for mineral resources, exploration and extraction through public-private partnerships.
Leading the debate on the bill’s general principles, the sponsor and member representing Surulere II Federal Constituency, Lagos State, Lanre Okunola, described the proposed legislation as a transformative framework aimed at advancing Nigeria’s mining sector through improved funding, strategic public-private collaboration, and adherence to international best practices in mineral exploration and extraction.
Okunola stated, “The bill aims to ensure that our mining sector reaches its full potential, creating jobs, fostering economic growth, and enhancing Nigeria’s self-sufficiency in mineral resources.”
Explaining its objectives, the All Progressives Congress lawmaker said, “When passed, this bill will establish a mining public-private partnership programme to integrate private sector capital, expertise, and efficiency into Nigeria’s mineral resource industry.
“The primary goal is to secure adequate funding for exploring and extracting Nigeria’s abundant mineral resources through public-private sector partnerships. This strategy will reduce reliance on oil, diversify the economy, and attract both local and international investments.”
The bill outlines measures for leveraging global expertise and diplomatic relationships to attract investors capable of maximising mineral exploration and extraction across Nigeria.
“It emphasises sustainable and ethical mining practices, requiring PPP partners to contribute to Sustainable Development Goals, adhere to corporate social responsibility, and ensure environmentally friendly operations, including post-extraction site remediation,” Okunola noted.
The bill also provides for the creation of a Technical Management and Advisory Council comprising experts in law, geology, mining engineering, banking, architecture, and civil engineering. TMAC will oversee activities such as the annual mapping of mining areas, determining funding requirements, and ensuring land rehabilitation after mining.
The programme will be overseen by a Mining PPP Coordinator with extensive powers to formulate policies, supervise operations, and ensure efficient implementation. An annual report, including audited accounts and an overview of achievements and challenges, will be submitted to the President.
Okunola highlighted the bill’s potential benefits, including economic growth, job creation, environmental sustainability, increased revenue generation, and improved global competitiveness.
