ECOWAS Speaker Warns Of Economic Crisis As Nigeria’s Revenue Plummets By 91% Due To Illegal Mining

ECOWAS Speaker Warns Of Economic Crisis As Nigeria’s Revenue Plummets By 91% Due To Illegal Mining....KINDLY READ THE FULL STORY HERE▶

The Speaker of the Economic Community of West African States Parliament, Mohamed Tunis, has revealed that Nigeria is experiencing a significant loss of 91% of its mining sector revenue due to illicit mining activities. Speaking at the commencement of a three-day seminar titled “Illegal mining and its implications in the ECOWAS Region,” Tunis highlighted the alarming situation in the country………CONTINUE READING

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Tunis emphasized that a staggering 80% of mining operations in Nigeria’s northwest region are carried out unlawfully, resulting in a substantial 91% loss of potential mining revenue. In comparison, other West African nations, such as Ghana, Burkina Faso, and Cote d’Ivoire, derive a more significant portion of their GDP from the mining sector, with Nigeria lagging behind at only 9%.

“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,” Tunis remarked.

Highlighting the broader consequences of illegal mining, Tunis underscored that it not only deprives the region of essential revenue for economic growth but also contributes to insecurity issues such as banditry, kidnapping, thuggery, and, in some cases, insurgency.

Advocating for stringent measures, the Speaker urged ECOWAS member states to implement effective regulations, emphasizing the necessity for sustainable solutions to address the rampant issue of illegal mining. The ECOWAS Parliament, representing the 15 member states, with its 115 seats and 14 committees, serves as a crucial platform for regional dialogue and action on pressing issues, including mining, security, and economic development.

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