ASHON Urges FG to Prioritize Solid Minerals for Revenue Growth

The Chairman of the Association of Securities Dealing Houses of Nigeria urges Nigerian government to harness solid minerals for revenue and economic diversification.

Sam Onukwue has called upon the Federal Government to shift its focus towards the solid mineral sector, explaining its potential to generate crucial revenue and safeguard it from ending up in private hands.

In a statement on Monday addressing the state of the economy and strategies for its enhancement, Onukwue remarked, "Solid minerals represent a lucrative opportunity. The government should shine a spotlight on this sector to exert control over revenue and prevent it from being siphoned into private pockets."

Furthermore, Onukwue, a Chartered Institute of Stockbrokers fellow, reiterated ASHON's persistent advocacy for the Federal Government to explore "investment in the commodities space to foster job creation, stimulate exports, and bolster the Gross Domestic Product."

In the same vein, Minister of Solid Minerals, Dele Alake, revealed in September the government's intention to establish a solid minerals corporation in order to provide funding for the mining sector and oversee the management of the nation's mineral resources.

This move aligns with Nigeria's broader efforts to fortify the mineral sector, capitalizing on global trade opportunities and diversifying the economy away from its overreliance on oil.

Alake said, “The proposed corporation will seek and secure partnership investment agreements with big multinational companies worldwide to leverage on the attractive investment-friendly regime operating in the country to secure massive foreign direct investment for the mining sector.”

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