The House of Representatives has approved, for second reading, a bill aimed at ensuring adequate funding for mineral resource exploration and extraction through public-private partnerships (PPPs).
Leading the debate, Lanre Okunola, member representing Surulere II Federal Constituency, Lagos State, described the proposed legislation as a transformative framework to advance Nigeria’s mining sector. The bill seeks to enhance funding, promote strategic public-private collaboration, and uphold international best practices in mineral exploration and extraction.
Okunola stated, “The bill aims to ensure our mining sector reaches its full potential, creating jobs, fostering economic growth, and enhancing Nigeria’s self-sufficiency in mineral resources.”
He explained that the bill would establish a Mining Public-Private Partnership Programme to integrate private sector capital, expertise, and efficiency into Nigeria’s mineral resource industry. Its primary objectives include securing funding for mineral exploration, reducing dependence on oil, diversifying the economy, and attracting both local and international investments.
The bill also emphasises sustainable and ethical mining practices, requiring PPP partners to align with Sustainable Development Goals, adhere to corporate social responsibility principles, and ensure environmentally friendly operations, including post-extraction site remediation.
To support its implementation, the legislation proposes the creation of a Technical Management and Advisory Council (TMAC), composed of experts in law, geology, mining engineering, banking, architecture, and civil engineering. TMAC would oversee activities such as annual mapping of mining areas, determining funding requirements, and ensuring land rehabilitation post-mining.
A Mining PPP Coordinator will oversee the programme, formulating policies, supervising operations, and ensuring efficient implementation. The coordinator will be required to submit an annual report to the President, including audited accounts and a summary of achievements and challenges.
Okunola highlighted the potential benefits of the bill, which include economic growth, job creation, environmental sustainability, increased revenue generation, and enhanced global competitiveness for Nigeria’s mining sector.