Nigeria has ratified it African Minerals Development Centre (AMDC) charter as part of its commitment to ensuring sustainable mining practices and leveraging Africa’s mineral wealth for economic progress and development.
The Office of the Legal Counsel (OLC) received the instrument of ratification in February, making Nigeria the fourth African country to ratify the statutes after Guinea, Mali and Zambia.
This remarkable action underscores Nigeria’s commitment to promoting sustainable management of mineral resources and facilitating economic development.
In a release issued for AMDC social media handlethe center said it plays a central role in coordinating and supporting African Union member states in harnessing the full potential of their mineral resources for the benefit of present and future generations.
βWith Nigeria’s ratification, AMDC is one step closer to realizing the collective vision of a prosperous and inclusive Africa driven by responsible governance of mineral resources,β noted AMDC.
βWe salute Nigeria for its proactive stance and unwavering commitment to advancing AMDC’s goals. As we celebrate this milestone, we reaffirm our commitment to work hand-in-hand with all Member States to address the challenges and opportunities in the minerals sector, promote sustainable development and strengthen Africa’s global competitiveness.β
Significance of Validation
Speaking on the importance of the validation, Tunde Arisekola, Senior Adviser Geological and Mineral Information, AMDC, told PREMIUM TIMES at the recently concluded 59th Annual International Conference and Exhibition of the Nigerian Mining and Geosciences Society (NMGS) at Josthat prior to Nigeria’s ratification, Guinea-Conakry, Mali and Zambia had already signed and ratified the agreement.
Nigeria’s ratification marks the fourth commitment to the agreement. “Additionally, eight or nine other countries have signed the agreement but are awaiting parliamentary approval. We aim to achieve a total of 15 endorsements within the next two years, allowing us to allocate budgets directly from the original funding source. This underscores the importance of ratification by Nigeria,β Mr. Arisekola explained.
He further stated that the ratification indicates that Nigeria has carefully assessed the AMDC’s status, operations, expectations and projections, which are aligned with Nigeria’s goals and interests.
He said: βThe ratification shows that Nigeria has formally endorsed our initiatives and is ready to provide financial support through the AU budget. For example, if Nigeria initially contributed 12 currency units, it will increase it to 15 units as it commits to funding from this year onwards. However, we need to reach the limit of 15 contributing countries before we can access the funds from the AU. However, all countries have pledged to keep their contributions for us.”
Nigeria’s recent ratification has profound implications for the country’s solid minerals sector, signaling a commitment to align with international standards and the African Mining Vision (AMV).
About AMV
As a landmark initiative, the Africa’s Mines Vision (AMV), which emerged from the African Union Summit in February 2009, represents an important step towards addressing the dichotomy of abundant mineral resources juxtaposed with widespread poverty across the continent.
Unlike conventional approaches, AMV takes an integrated stance, urging a departure from traditional mining patterns. The desire for overall development beyond ‘simple’ mining to industrialization is strongly emphasized in AMV. This is crucial, underscoring advocacy for value addition.
Beyond optimizing tax revenues and ensuring responsible spending, the vision supports the integration of mining into broader local, national and regional development policies.
Central to AMV is maximizing local benefits from mining activities, ensuring that communities and workers reap tangible rewards while ensuring environmental integrity. It also emphasizes fair contract negotiations between nations and multinational mining companies, with the aim of securing fair resource rents and prioritizing local inputs.
At a regional scale, the vision highlights the integration of mining into wider industrial and commercial contexts.
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