By Faridat Salifu
Sam Onukwue, the Chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), has issued a compelling plea to the Federal Government, urging it to prioritize the solid mineral industry as a potential source of much-needed revenue while preventing these funds from falling into private hands.
In a statement released on Monday, Onukwue discussed the state of the economy and offered insight into how the government can support it.
Onukwue emphatically stated, “Solid minerals are a potential cash cow,” emphasizing the necessity for the government to direct its focus toward this sector to take control of the revenue stream and ensure it doesn’t end up in private hands.
Further elaborating, Onukwue, a fellow of the Chartered Institute of Stockbrokers, reiterated that ASHON has consistently advised the Federal Government to explore investments in the commodities space as a means of generating employment opportunities, boosting export trade, and bolstering the Gross Domestic Product.
Dele Alake, Nigeria’s Minister of Solid Minerals, revealed in September the government’s intention to establish a solid minerals corporation aimed at financing the mining sector and overseeing the country’s mineral resources.
This move aligns with the broader objective of enhancing the mineral sector to capitalize on global trade and diversify the Nigerian economy, reducing its dependence on oil.
Alake outlined the corporation’s mission, stating that it will actively seek and secure partnership investment agreements with major multinational companies worldwide.
This strategic approach leverages Nigeria’s investment-friendly environment to attract substantial foreign direct investment, furthering the development of the mining sector.