The Bill was read for the second time in the House, voted on and passed for second reading and was referred to the Committee on Solid Minerals.
The bill seeks the repeal of the Nigeria Minerals and Mining Act, 2007 and the establishment of the Nigerian Minerals and Mining Commission. The proposed commission is intended to ensure fair practices and fair competition in the mining sector and introduces practices at pair with international best practices. The bill further seeks to endow the proposed commission with the responsibility of monitoring and safeguarding of engagements in the mining sector as opposed to the existing structure under MCO.
The commission will also sensitize the industry on the class of minerals, their cycles and the adequate taxing of firms and companies involved in the sector so that the nation begins to get the full benefits of what is being extracted and to promote indigenous participation and global recognition for Nigeria from the mining sector.
