ABUJA, Nigeria — Stakeholders in Nigeria’s extractive sector have warned that illicit mining and illegal trade in solid minerals are causing the nation an estimated annual loss of N13.7 trillion ($8.87 billion).
Okay News reports that foreign trade expert Idris Faro made the statement alongside other industry advocates, urging the Federal Government to strengthen enforcement, regulation, and monitoring of the mining sector.
A foreign trade expert, Idris Faro, called on the Federal Government to deal decisively with non-state actors controlling mining activities and to formalise artisanal mining by granting operators legal rights, modern technology, and access to credit. He added that authorities must investigate potential links between licensed miners and armed bandits, while urging the Nigeria Customs Service and security agencies to prioritize tracking solid mineral movements.
The Executive Director of the Centre for Transparency Advocacy, Faith Nwadishi, stated that illegal mining inflicts environmental, health, and economic damage on host communities. She recommended using beneficial ownership mechanisms to identify and prosecute financiers funding illegal operations, while improving mineral traceability and environmental impact assessments.
The Founder and Executive Director of Ziva Community Initiative, Emily Offodile, attributed the massive revenue losses to illegal players operating outside the royalty framework. She called for a comprehensive review of the Minerals and Mining Act, 2007 and stronger institutional capacity to prevent the loss of the country’s sovereign wealth.
