He stated that the multiple agencies involved in the mining sector, including the Nigerian Geological Survey Agency (NGSA), the Ministry of Mines and Steel Development, and the Federal Ministry of Environment, have created a complex and cumbersome regulatory environment. This, according to him, is hindering the growth of the sector. Ajibade further explained that the lack of clarity in the legal framework governing the mining sector is another major challenge. He highlighted the need for a unified and comprehensive legal framework that would streamline the regulatory process and ensure transparency.
* The mining sector in Nigeria is facing challenges due to overregulation and government interference. * The sector is struggling to attract investment due to the complex regulatory environment. * Mining companies are facing challenges in obtaining permits and licenses, leading to delays and increased costs. * The Nigerian government has implemented various measures to regulate the sector, including the establishment of task forces and bans on mining activities. * The overregulation has led to a decline in mining output and job losses.
