Senate considers bill seeking to establish Solid Minerals Development Bank

A bill seeking to establish the Solid Minerals Development Bank has passed second reading at the senate.

The bill was passed after Yakubu Oseni, senator representing Kogi central and sponsor of the legislation, led a debate on it on Tuesday.

Oseni said the bill will help the federal government in diversifying the country’s economy and creating jobs.

Contributing to the debate, Smart Adeyemi, senator representing Kogi west, said the development of the solid mineral sector is essential in diversifying the economy.

“This is the time for us to diversify as a nation and take practical steps to enhance the development of solid minerals which is the most reliable means of galvanising the economy,” Adeyemi said.

“This is a bill that is timely and all of us should encourage it.”

On his part, Ibikunle Amosun, senator representing Ogun central, said having a bank dedicated to development will go a long way in developing the sector.

“Let me commend and appreciate the mover of this bill, Senator Yakubu Oseni for coming up with this bill. Until we do the right thing, there is no way we will develop the mining sector,” Amosun said.

“There is no state in Nigeria that doesn’t have huge deposits of mineral resources. The question is why are other nations getting it right and we are finding it very difficult? The answer is not far-fetched.

“It is truly because we have not funded this adequately. If we have a dedicated bank for mining, of course we will get it right.”

Thereafter, Ovie Omo-Agege, deputy president of the senate, referred the bill to the committee on solid minerals.

The committee is expected to report back in four weeks.