Speaking during the hearing, Hon. Jonathan Gaza, chairman of the committee, said the solid minerals sector holds “enormous potential” for national growth, job creation, revenue generation, and industrial development.

He said for decades, the potential in the sector has remained untapped due to outdated laws, weak institutional frameworks, and poor funding mechanisms.

The lawmaker said the house, through the committee, is determined to reverse the trend by strengthening the sector’s legislative foundation.

He explained that the bills seek to achieve several objectives like modernising outdated legal frameworks such as the Nigerian Coal Corporation Act by replacing them with “forward-looking” structures like the proposed Nigeria coal development commission; creating the Nigerian mining development bank to position the country for opportunities in the global energy transition phase and the growing demand for critical minerals.

Other objectives include establishing institutes of mining and geosciences across the geo-political zones to promote nationwide access to training, research, and innovation; and securing sustainable funding for exploration and extraction through public-private partnerships (PPPs) to attract long-term investments.

Tajudeen Abbas, speaker of the house, said the bills address the key challenges and opportunities in the sector, from legal frameworks and institutional reforms to funding mechanisms and human capital development.

​Represented by Mark Oseni, a lawmaker from Oyo, Abbas said the success of the legislative proposals hinges on the quality of input from stakeholders.

“Your contributions will serve as a guiding light, enabling the committee to refine these bills into comprehensive, forward-looking, and effective laws that will truly serve the national interest,” Abbas added.