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Nigeria Loses 91% Revenue To Illegal Miners – ECOWAS Speaker Reveals
EKO HOT BLOG reports that Nigeria has reportedly suffered a significant loss of 91 per cent of its mining sector revenue due to the activities of illegal miners.
The Speaker of the Economic Community of West African States Parliament, Mohamed Tunis, revealed this during the commencement of a three-day seminar titled “Illegal mining and its implications in the ECOWAS Region”.
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In his address, Tunis highlighted that an alarming 80 per cent of mining operations in the northwest region of the country are conducted unlawfully, resulting in a substantial loss of potential mining revenue for the nation.
“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 said.
Tunis observed that the illicit extraction of valuable minerals in the area not only deprives the region of essential revenue for economic growth but also leads to various forms of insecurity, including banditry, kidnapping, thuggery, and in some cases, insurgency.
Consequently, he emphasized the necessity of effectively regulating the sector, as he believed that this would enhance its impact on the economies of the Member States.
The Speaker urged the ECOWAS member states to implement concrete measures to address illegal mining, emphasizing the importance of proper regulation and sustainable solutions.
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The ECOWAS Parliament serves as the representative body for the 15 member states of the Economic Community of West African States. With its 115 seats and 14 committees, it provides a platform for regional dialogue and concerted action on crucial matters such as mining, security, and economic development.
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