NEITI seeks urgent reforms to revive solid minerals sector

By Obas Esiedesa, Abuja

The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for urgent and broad reforms successful the coagulated minerals sector, informing that continued neglect volition stall Nigeria’s economical diversification, gross growth, and occupation creation.

In a connection signed by its Director of Communications and Stakeholders Management, Mrs. Obiageli Onuorah, NEITI described the assemblage arsenic 1 of the country’s astir underperforming industries. Despite Nigeria’s immense deposits of strategical minerals specified arsenic lithium, cobalt, and nickel — each successful precocious planetary request — the assemblage contributed lone ₦401.87 cardinal successful 2023, little than 1 percent of GDP.

“The clip for lamentation is over. If we neglect to enactment boldly and immediately, others volition alteration their mineral wealthiness into prosperity portion Nigeria watches,” Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, warned.

NEITI attributed the sector’s stagnation to decades of anemic laws, amerciable mining, smuggling, and neglect of big communities. It noted that without decisive reforms, Nigeria would proceed to suffer worth to overseas markets portion mineral-rich communities stay underdeveloped.

Highlighting the planetary modulation to cleanable energy, Dr. Orji stressed that Nigeria’s minerals could beryllium adjacent much invaluable than oil. “The outgo of inaction volition not lone beryllium measured successful mislaid revenues but besides successful missed opportunities for occupation creation, concern growth, and assemblage development,” helium said.

He pledged that NEITI reports would nary longer “sit connected shelves,” but would service arsenic accountability tools to thrust argumentation alteration and betterment implementation.

The bureau urged authorities and policymakers to legislate and enforce reforms that would unlock the sector’s afloat potential, turning Nigeria’s mineral wealthiness into a instauration for sustainable prosperity.

The station NEITI seeks urgent reforms to revive coagulated minerals sector appeared archetypal connected Vanguard News.