Senate President Godswill Akpabio has voiced concerns that foreign entities are reaping greater financial rewards from Nigeria’s solid minerals sector than the nation itself. Speaking on Tuesday, May 7, at a three-day investigative hearing in Abuja, Akpabio highlighted the disparities in benefits received from mining activities within the country.
The hearing, organized by the Senate Committee on Solid Minerals Development chaired by Senator Sampson Ekong (PDP – Akwa Ibom South), focused on the theme: “The need to comprehensively review the input and output values of the Nigeria mining industry in light of its general role in economic diversification, foreign exchange earnings, and social inclusion.”
Akpabio lamented the current state where, despite the extraction and utilization of these resources, foreign companies often leave behind challenges, including heightened insecurity, without adequate compensation to the local communities or the country. He stressed that it is crucial for Nigeria to derive tangible benefits from its natural resources and called on stakeholders to address the systemic challenges stifling the sector’s growth and develop actionable strategies to ensure the nation profits more significantly from its mineral wealth.