As widely reported yesterday, Governor Abdullahi Sule of Nasarawa State has accused foreign companies of exploiting the nation’s mineral resources, leaving residents impoverished. This is another reminder that Nigeria is struggling to maximise the opportunities in the minerals sector for the purpose of diversifying the country’s export receipts, growth and jobs. It comes amidst the proposals for a 5% share of mineral revenue for host communities. The minister of solid minerals Dele Alake also said recently that mining companies will now be required to have agreement in place with host communities before they can explore minerals. However, what is missing is a comprehensive fiscal incentive that will attract established mining companies into Nigeria. As it is, the mining sector in the country is characterised by illegal mining, fragmentation, insecurity, and poor investment. In the context, the solid minerals space has become a welcome field for all and sundry. Until the right and appropriate structure is established, this will continue and leave Nigeria and Nigerians short changed.
