Speaker of the Economic Community of West African States (ECOWAS) Parliament, Dr Mohamed Sidie Tunis, says Nigeria loses 91 per cent of its revenue from the mining sector to illegal miners.
Sidie stated this at the opening of a three-day seminar organised by the Parliament on “Illegal mining and its implications in the ECOWAS Region.”
The ECOWAS Parliament Speaker said a staggering 80% of mining in the country’s North-West region is conducted illegally, costing the nation 91% of potential mining revenue.
He stressed that this illegal activity fuels insecurity through banditry, kidnapping, and even insurgency.
“The mining sector has the potential to contribute 7.5 per cent to Ghana’s GDP, 10.2 per cent to the GDP of Burkina Faso, 4 per cent to the GDP of Cote d’Ivoire while Nigeria receives only 9% from the sector with 80 per cent of the mining in the country’s North West region carried out illegally,” he said.
The Speaker 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, as 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 instability through banditry, kidnapping, thuggery and in some cases insurgency.
He urged ECOWAS member states to adopt concrete measures to tackle illegal mining, emphasising the need for proper regulation and sustainable solutions.
Sidie stated this as he prepares to conclude his four-year term as Speaker and the fifth legislature of the ECOWAS Parliament comes to an end.
The ECOWAS Parliament represents the 15 member states of the Economic Community of West African States. With 115 seats and 14 committees, providing a platform for regional dialogue and action on critical issues like mining, security, and economic development.