According to Mkhululi Ncube, the African Minerals Development Center’s programs officer, Nigeria’s mining industry will be revitalised and the continent’s economy will undergo broader transformation thanks to the recently introduced African Mining Vision (AMV), which integrates mining into industrial and social development.
He pointed out that by connecting mining operations to different industries, the vision will support economic growth and strengthen local industries.
The AMV is a platform led by the private sector that focuses on the development of the mineral sector responsibly and sustainably on the basis of shared benefits. It was introduced on Monday at the ongoing Nigerian Economic Summit in Abuja.
The objective is to propel Nigeria’s adoption and execution of African Mining Vision, promoting cooperation between the public and private sectors and creating a joint venture between the NESG and the AMDC to manage the AMV Private Sector Compact in Nigeria. “It will transform the continent’s mining sector into a catalyst for broader economic transformation, focusing on integrating mining into industrial and social development,” said Ncube. “This transformation will occur through investing in linkages, resource-based industrialisation, enhancing local content, and participation in the minerals” According to him “The AMV Compact aligns with mining companies’ core values, policies, strategic plans, and mission statements rather than being solely compliance-based on national legislation.” He noted that it follows the model of the UN Global Compact, which calls on businesses across all sectors to align their strategies and operations with ten universal principles in human rights, labour, the environment, and anti-corruption.
Additionally, he stated that “the industry still needs to be developed despite the Nigerian government’s efforts since 2005 to revitalise the mining sector, including modernising laws and investing in geoscience data,” and that a 2023 NESG study had identified four major obstacles to the mining sector’s underperformance.
“They include a mismatched exploration strategy, inadequate economic ties, the absence of a regulatory commission, and the marginalisation of sub-national governments.”
“The AMV Private-Sector Compact provides the private sector with an affordable means of interacting with key players.”
In order to put policies in place that would produce a mining industry that is prosperous, revolutionary, and sustainable, he continued, involvement is crucial. The industry will be developed to use the AMV and its resources to meet the demands of enterprises, society, and the government.
