ASHON calls on FG to tap into solid minerals sector for revenue diversification

Sam Onukwue, the chairman, the Association of Securities Dealing Houses of Nigeria, has urged the Federal Government to focus on the solid mineral sector as it can provide much-needed revenue and protect the same revenue from going into private pockets.

Onukwue said this in a statement on Monday where he talked about the state of the economy and ways that the government can boost it.

He said, “Solid mineral is a cash cow. Government should direct its searchlight to the sector to take control of the revenue and protect the revenue from going into private pockets.”

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Speaking further, the Onukwue, who is a fellow of the Chartered Institute of Stockbrokers, added that ASHON has at several times urged the FG to tap into “Investment in the commodities space to generate employment opportunities, boost export trade and grow the Gross Domestic Products.”

In September, Minister of Solid Minerals, Dele Alake, said that Nigeria is planning to set up a solid minerals corporation, which will provide funding to its mining sector and manage the country’s minerals.

This comes as the country looks to strengthen the mineral sector to benefit from the global trade as well as to diversify the economy away from the dependency 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.”