By Our Reporter
In a passionate call to action at the CBN-organized FICAN event in Abuja, Oliver Alawuba, Group Managing Director of UBA, emphasized the urgent need for Nigeria to diversify its economy, particularly by investing in its mining sector.
He cautioned that ongoing reliance on oil as the country’s primary export would hinder national growth and diminish economic resilience.
Alawuba argued that transitioning from a primary economy to a more diversified one, with a focus on value-added industries, is essential for creating jobs and fostering sustainable development for the population. He encouraged collaboration among stakeholders to drive innovation and support the necessary reforms to transform Nigeria’s economic landscape.
Alawuba’s comparison of Nigeria’s stagnant mining progress to neighboring African countries like Ghana, Burkina Faso, and the Democratic Republic of Congo underscores a significant concern. While those nations have successfully developed their mining sectors, Nigeria, despite its wealth of mineral resources, has remained inactive. He expressed frustration over the lack of concrete actions to tap into valuable resources like gold and lithium.
“We hear there is gold in Nigeria—what are we doing to mine it?” he questioned, highlighting the need to process and add value to minerals instead of allowing them to be smuggled or exported in raw form.
To address this, Alawuba called for a robust mining policy and the establishment of mining targets, along with the regulation of local miners. He emphasized the necessity of green and sustainable mining practices to protect the environment while fostering economic growth.
Additionally, he suggested hosting an international mining investment forum in Nigeria to attract global companies to explore the country’s untapped mining landscape. He believes that such initiatives could unlock significant economic potential and enhance national revenue.
Alawuba tied the mining agenda to broader economic development, drawing connections between a strong banking sector and national progress. “A vision without capital is a hallucination. Capital without vision is a hallucination. Put together, they build nations,” he concluded, highlighting the importance of strategic planning and investment in building a prosperous future for Nigeria.