The Chairman of the Senate Committee on Solid Minerals, Steel Development, and Metallurgy, Senator Osita Ngwu, has emphasized the need for well-thought-out strategies and diplomatic efforts to attract foreign investors in Nigeria’s Solid Minerals Sector.
This declaration came during the unveiling of the 2023 Report of the Nigeria Extractive Industry Transparency Initiative (NEITI) in Abuja, as conveyed in a press release by Hon. Demian Igbokwe, Special Adviser to Senator Ngwu.
Senator Ngwu lauded the Minister’s visit to Australia, highlighting its significance as a proactive step by the current administration towards revitalizing the crucial solid minerals sector. He expressed optimism that the minister’s visit would yield substantial investments upon his return to Nigeria.
He stated, “By the time the minister returns from Australia, Nigeria would have a lot of investments that will be the result of their visit to Australia.”
However, while applauding the minister’s initiative, Senator Ngwu also stressed the importance of ensuring responsible foreign investors in the sector. He called upon the Federal Government to devise robust strategies to safeguard against irresponsible and lawless foreign investors who often exploit the country’s mineral wealth without contributing their fair share of revenues to the government.
Senator Osita Ngwu’s stance on responsible foreign investment echoes his prior statements during the NEITI report event held in Abuja, reaffirming his committee’s unwavering commitment to the reformation of the Solid Minerals Sector.
As the Minister’s visit to Australia unfolds, Nigeria’s hopes for a revitalized solid minerals sector, built upon choice, strategy, and responsible foreign investment, remain at the forefront of national development priorities.