Illegal Mining Epidemic: Nigeria Bleeds 91% Of Mining Revenue, ECOWAS Speaker Unveils Troubling Stats

Illegal Mining Epidemic: Nigeria Bleeds 91% Of Mining Revenue, ECOWAS Speaker Unveils Troubling Stats

In a startling revelation, the Speaker of the Economic Community of West African States (ECOWAS) Parliament, Mohamed Tunis, has laid bare the devastating impact of illegal mining on Nigeria’s economy….CONTINUE READING

According to Tunis, the nation has suffered an alarming loss of 91% of its mining sector revenue due to the rampant activities of illegal miners.

This disconcerting revelation unfolded during the inaugural session of a three-day seminar titled “Illegal mining and its implications in the ECOWAS Region.” Tunis brought to light the concerning fact that a staggering 80% of mining operations in Nigeria’s northwest region are being conducted unlawfully, resulting in a massive loss of potential mining revenue.

“The mining sector has the potential to contribute 7.5% to Ghana’s GDP, 10.2% to the GDP of Burkina Faso, 4% to the GDP of Cote d’Ivoire, while Nigeria receives only 9% from the sector with 80% of the mining in the country’s North West region carried out illegally,” he articulated.

Tunis went on to emphasize that the illicit extraction of valuable minerals not only robs the region of essential revenue for economic growth but also fuels various forms of insecurity, including banditry, kidnapping, thuggery, and, in some cases, insurgency.

Calling for immediate action, the Speaker underscored the pressing need for effective regulation of the mining sector, asserting that this measure would significantly enhance its positive impact on the economies of the Member States.

In his impassioned plea, Tunis urged ECOWAS member states to institute concrete measures to combat illegal mining, emphasizing the paramount importance of proper regulation and sustainable solutions.

The ECOWAS Parliament, serving as the representative body for the 15 member states of the Economic Community of West African States, with its 115 seats and 14 committees, stands as a pivotal platform for regional dialogue and collaborative action on crucial matters such as mining, security, and economic development.