ONLY 14% of MINING LICENSES ACTIVE IN NIGERIA, SAYS NMCO
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GREATRIBUNETVNEWS–The Nigeria Mining Cadastre Office (NMCO) has revealed that a staggering 86% of mining licenses issued in the country are inactive. Out of 7,141 licenses issued, only 1,000 are actively being utilized, according to Director General Obadiah Nkom . This startling statistic has prompted calls for reform within the sector.
*Key Concerns:*
– _Inactive Licenses_: 6,141 licenses remain inactive, sparking concerns over the efficiency of the licensing process.
– _Reform Needed_: Nkom emphasized the need for reform, citing the recent review of mining fees and ownership of mining titles.
– _Funding Issues_: Despite generating over N8 billion in revenue as of October, NMCO faces inadequate funding, hindering its operations.
Nkom appealed to the House Committee on Solid Minerals to address the funding issue, highlighting that NMCO generates over 50% of the sector’s revenue but lacks collection fees. The agency has made significant progress in digitization, transitioning to the electronic Mining Cadastre Plus (eMC+) system .
*NMCO’s Objectives:*
– _Efficient Licensing_: Streamline the licensing process to ensure active utilization.
– _Transparency_: Promote transparency in the sector through digitization.
– _Revenue Growth_: Enhance revenue generation for the sector.
By addressing these concerns, NMCO aims to revitalize Nigeria’s mining sector, ensuring that licenses are utilized effectively and efficiently.
