The Speaker of the Economic Community of West African States Parliament, Mohamed Tunis, has disclosed that Nigeria loses 91 per cent of its revenue from the mining sector to illegal miners.
The Speaker stated this at the opening of a three-day seminar organised by the Parliament on “Illegal mining and its implications in the ECOWAS Region”
Tunis said a staggering 80 per cent of mining in the country’s northwest region is conducted illegally, costing the nation 91 per cent of potential mining revenue.
“The mining sector has the potential to contribute 7.5 per cent to Ghana’s GDP, 10.2 per cent to the GDP of Burkina Faso, 4 per cent to the GDP of Cote d’Ivoire while Nigeria receives only 9% from the sector with 80 per cent of the mining in the country’s North West region carried out illegally
He noted that illegal mining of the region’s precious minerals not only robs the region of much-needed revenue to grow their economies but has resulted “in instances of insecurity through banditry, kidnapping, thuggery and in some cases insurgency.”
He, therefore, called for the proper regulation of the sector with the expectation that this would make the sector more impactful on the economies of the Member States
The Speaker urged ECOWAS member states to adopt concrete measures to tackle illegal mining, stressing the need for proper regulation and sustainable solutions.
The ECOWAS Parliament represents the 15 member states of the Economic Community of West African States. With 115 seats and 14 committees, providing a platform for regional dialogue and action on critical issues like mining, security, and economic development
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