Nigeria will rely less on oil, provide jobs if mineral deposits are developed

Nigeria will not only become less dependent on crude oil as a major revenue earner, millions of job opportunities will be created among other benefits to the economy with the effective harnessing and maximising the plethora of wealth buried in the ground in various parts of the country through sustainable mining.
Vice President Yemi Osinbajo stated on Thursday at the maiden edition of the (virtual) Strategic Engagement on Sustainable Mining Titled: Resurrecting Our Buried Prosperity in Abuja.
In his recorded keynote address delivered at the Conference, the Vice President added that effective collaboration among all levels of government to ensure the proper regulation of mining activities will ensure that the country fully reaps the rewards from its largely untapped wealth.
Noting that mining revenues go to the Federation Account and is shared between the Federal Government, States and Local Governments, the VP said, “the Federal Government cannot effectively regulate mining without actively, and deliberately working with States, Local Governments and mineral-producing communities.
“The Federal Government, States and Local Government have to jointly develop working arrangements to ensure that mining is attractive to investors, profitable for States and Local Governments, not just from proceeds but also from personal income tax paid to States by mine workers and staff of mining companies.
“This engagement is one that could be a game-changer for mining in Nigeria, and it could mean a new era of huge earnings and prosperity for our people from our mining resources. But this will only happen if we adopt a collaborative and cooperative approach. If we work together, we will reap far more than we could ever gain by working alone.”.


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