ECOWAS Parliament Speaker Reveals Nigeria Loses 91% Revenue from Mining to Illegal Activities

Title: ECOWAS Parliament Speaker Reveals Nigeria Loses 91% Revenue from Mining to Illegal Activities

Mohamed Tunis, the Speaker of the Economic Community of West African States (ECOWAS) Parliament, has disclosed that Nigeria is losing a staggering 91% of its revenue from the mining sector to illegal mining activities. Speaking at a seminar on “Illegal mining and its implications in the ECOWAS Region,” Tunis highlighted that 80% of mining in Nigeria’s northwest region is conducted illegally, resulting in significant financial losses for the country.

Tunis emphasized the potential economic contributions of the mining sector in other ECOWAS member states, such as Ghana, Burkina Faso, and Cote d’Ivoire, where legal mining activities play a more substantial role in GDP growth. He pointed out that the mining sector has the potential to contribute 7.5% to Ghana’s GDP, 10.2% to Burkina Faso’s GDP, and 4% to Cote d’Ivoire’s GDP, while Nigeria receives only 9% from the sector due to widespread illegal mining.

The Speaker highlighted the broader implications of illegal mining, stating that it not only robs the region of much-needed revenue but also contributes to insecurity, including banditry, kidnapping, thuggery, and, in some cases, insurgency.

Tunis called for the proper regulation of the mining sector, emphasizing the need for ECOWAS member states to adopt concrete measures to tackle illegal mining and implement sustainable solutions. The ECOWAS Parliament serves as a platform for regional dialogue and action on critical issues, providing a forum for collaboration and coordination among the 15 member states.