According to its sponsor, the bill is aimed at investing and containing investments in the mining sector to promote mining
A bill to establish Mineral Development Corporation (NMDC) has scaled second reading at the Senate.
The bill, which is aimed at investing and containing investments in the mining sector to promote mining, is sponsored by a former Nasarawa State governor, Tanko Al-makura (APC, Nasarawa South).
It was read for the first time in September 2020.The bill scaled second reading on Tuesday after a lengthy debate by lawmakers.
In the lead debate, Mr Al-makura said the legislation was in line with the Buhari-led administration to diversify the Nigerian economy.
Next to agriculture, he said, the solid mineral sector had been identified as one with the potential to compete and eventually replace crude oil as a major source of foreign exchange earnings.
He said Nigeria was blessed with an abundance of solid minerals in five distinct classes, namely precious mineral/gemstones (ruby, emerald etc), metallic ores (lead, zinc, copper etc), construction minerals (laterite, granite, gravel, sand etc) and energy minerals (bitumen, coal and uranium among others).
He said these resources remained largely untapped and unexplored.
The lawmaker said the agency seeks to develop upstream exploration and production, midstream mineral processing and metallurgy and downstream logistics, trade and export which will catalyse investment in the entire mining value chain in Nigeria.
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