Politics
AN economic expert, Dr Eche Emmanuel, has urged the Federal Government to develop a comprehensive 10-year National Solid Minerals Development and Industrialisation Strategy with clear investment, production, employment, export and revenue targets.
Eche made the call in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.
His recommendation followed the Central Bank of Nigeria’s (CBN) solid minerals revenue report, which showed that Nigeria generated N101.11 billion from the sector between January and September 2026.
The figure represented a 95.2 per cent increase from the N51.79 billion recorded during the corresponding period of 2025, translating into an additional N49.33 billion in government revenue.
The senior lecturer of Economics at the Federal University of Wukari said the strategy should prioritise five key areas, including the formalisation and regulation of mining activities and increased investment in geological exploration.
Others include the development of local mineral processing industries, stronger enforcement against illegal mining and mineral smuggling as well as improvement of mining-related infrastructure and export capacity.
He said Nigeria should move beyond celebrating incremental revenue increases and establish a clear strategy for turning its mineral wealth into a major source of national income and reducing over dependence on the oil sector.
“Nigeria must move from being a country that is merely endowed with mineral resources to becoming a country that creates industrial wealth from those resources.
“That is how the solid minerals sector can become a genuine alternative pillar of Nigeria’s economy, rather than just another source of government revenue,” he said.
He said Nigeria’s 95.2 per cent increase in solid minerals revenue was encouraging and reflected progress in the country’s economic diversification efforts.
However, he stressed the need to develop a mining industry capable of generating substantially higher revenue, creating millions of jobs, attracting foreign investment and supporting industrialisation.
“Nigeria needs to move from a revenue-collection approach to a comprehensive mining industry development strategy,” he said.
The expert said the government should introduce measures to strengthen the fight against illegal mining, improve monitoring of mineral production, establish a national geological exploration programme and prioritise local mineral processing and value addition.
He also recommended improving access to financing for mining businesses, providing a stable and predictable investment environment, strengthening collaboration between federal and state governments, and setting clear performance targets for the mining industry.
According to him, Nigeria’s mining sector does not primarily suffer from a shortage of mineral resources but from inadequate exploration, weak institutions, insufficient investment, poor infrastructure and limited value addition.
“Until these structural problems are addressed, revenue growth alone will not deliver the economic transformation Nigerians expect,” he said.
He said the focus should be on ensuring that increased revenue from mining translated into economic development through effective institutions and appropriate policy frameworks.
The expert emphasised the need to distinguish between revenue and production growth describing them as related and not necessarily the same.
“For instance, government could increase revenue by improving royalty collection from existing mining operations without a significant increase in mineral production.
“The government should publish corresponding figures on mineral production volumes, mineral exports, royalty assessments, actual payments and the number of active mining companies.
“This will provide a clearer picture of the industry’s actual performance,” he said.(NAN)
A.I
Nov. 8, 2026
Tags: Central Bank of Nigeria Dr Eche Emmanuel