The Speaker of the Economic Community of West African States Parliament, Mohamed Tunis, has disclosed that Nigeria loses 91 percent of its revenue from the mining sector to illegal miners.
The Speaker stated this at the opening of a three-day seminar organised by the Parliament on “Illegal mining and its implications in the ECOWAS Region” on Thursday.
Tunis said a staggering 80 percent of mining in the country’s northwest region is conducted illegally, costing the nation 91 percent of its potential mining revenue.
“The mining sector has the potential to contribute 7.5 percent to Ghana’s GDP, 10.2 percent to the GDP of Burkina Faso, and 4 percent to the GDP of Cote d’Ivoire, while Nigeria receives only 9% from the sector, with 80 percent of the mining in the country’s North West region carried out illegally,” he said.
He noted that illegal mining of the region’s precious minerals not only robs the region of much-needed revenue to grow their economies but has resulted “in instances of insecurity through banditry, kidnapping, thuggery, and in some cases, insurgency.”
He, therefore, called for the proper regulation of the sector with the expectation that this would make the sector more impactful on the economies of the Member States.
The Speaker urged ECOWAS member states to adopt concrete measures to tackle illegal mining, stressing the need for proper regulation and sustainable solutions.
The ECOWAS Parliament represents the 15 member states of the Economic Community of West African States. With 115 seats and 14 committees, it provides a platform for regional dialogue and action on critical issues like mining, security, and economic development.
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