The Senate’s Finance Committee has revealed that Nigeria could harness approximately $3 billion from its solid minerals sector. Senator Sani Musa, Chairman of the Finance Committee, emphasized the hidden potential of the informal sector, especially the mining industry, in contributing to the nation’s revenue. The committee is set to focus on the informal sector, which constitutes around 80% of Nigeria’s economy, with specific attention on formalizing artisanal and medium-scale mining activities.
Senator Musa stated, “The Ministry of Mines and Steel Development confirmed that solid minerals have the capacity to generate about 2-3 billion US dollars annually.” The committee aims to support this sector through appropriate legislation, promoting responsible practices, and fostering economic growth.
The committee’s strategic approach includes promoting regulations for consumption and production, creating an enabling environment for domestic industries, and attracting foreign investments. Ensuring fiscal discipline and alignment of the annual budget with the Medium-Term Expenditure Framework are also priorities. The committee expressed its unwavering support for addressing the significant revenue gap and achieving a higher tax-to-GDP ratio through comprehensive tax reforms and enhanced oversight of revenue-generating agencies.
Senator Musa affirmed the committee’s commitment to transparency, accountability, and maximizing revenue collection for national development. This comprehensive approach seeks to unlock the potential of Nigeria’s solid minerals sector while advancing the nation’s economic goals.
