Illegal mining denying Nigeria 91% of sector revenue – ECOWAS

According to reports, illegal miners have caused a considerable decline of 91% in Nigeria’s mining sector revenue.

FRESHREPORTERS NEWS reports that Mohamed Tunis, the Speaker of the Parliament for the Economic Community of West African States (ECOWAS), disclosed this information while inaugurating a seminar titled “Illegal Mining and Its Consequences in ECOWAS Region.”

Tunis emphasized in his speech that as much as 80% of mining activities in the northwest region were being carried out illegally, thus resulting in a significant loss of revenue for the country from potential mining operations.

“He stated that Ghana’s mining sector can potentially add 7.5% to its GDP, Burkina Faso’s by 10.2%, Cote d’Ivoire’s by 4%. However, only a mere 9% is contributed towards Nigeria due to illegal mining accounting for as much as eighty percent of the country’s North West region.”

Tunis noted that the unlawful extraction of precious minerals from the region not only results in a lack of crucial income for economic advancement, but also gives rise to diverse types of insecurity such as robbery, abduction, violence and on certain occasions even revolt.

He stressed the importance of efficient regulation in order to amplify its influence on the economies of Member States.

The ECOWAS member states were urged by the Speaker to adopt tangible plans aimed at combatting illegal mining, with a particular focus on enforcing appropriate regulations and implementing enduring solutions.

As a representative entity for the 15 member countries of the Economic Community of West African States, the ECOWAS Parliament offers an extensive platform comprising 115 seats and 14 committees. Vital subjects such as mining, security and economic development are discussed in detail to facilitate regional dialogue and collective efforts towards progress…[CONTINUE READING HERE]>>