Muhammed Ladan, the director-general of the Nigerian Institute of Advanced Legal Studies (NIALS), has called on the federal government to implement a comprehensive mining policy framework to diversify Nigeria’s economy.

He made the call at the seventh inaugural lecture in Abuja.

Mr Ladan, chairman of the occasion, said that challenges were bedevilling the sector. He said with the right policy framework in place, the sector would add to the country’s economic fortunes.

He said the challenges included poor funding, but he called on the government to give the sector the needed support to attract investors.

Mr Ladan said Nigeria has large deposits of mineral resources, including cobalt and gold but in the last three decades, successive administrations, unfortunately, have not invested enough for exploration.

“One of the key issues that the private sector and foreign investors are looking for is whether you have a hard infrastructure facility on the ground for them to come and invest. For investors, both domestic and foreign investors, we must attract them into the mining sector aggressively to diversify our economy.

“We must also ensure that we provide them with a tax incentive regime,” he said.

The inaugural lecturer, Peter Akper, said Nigeria was reputed to be endowed with 44 mineral resources in at least 450 locations in virtually all states and Abuja.

“In spite of these resources, Nigeria is not reckoned as a mining jurisdiction but rather as an oil and gas country,” said Mr Akper.

However, Mr Akper said Nigeria’s mineral resources harbour tremendous potential for economic growth.

He said, “These vast mineral occurrences are envisioned as key in the efforts to diversify the economy, hence the renewed focus to on the mining sector.”

While advocating for a comprehensive mining policy, Mr Akper said such a policy, when in place, would provide guiding principles and directions for the development of the sector.

(NAN)