The president of Miners Association of Nigeria, Sani Shehu, has said that the mining regulation would make a lot of difference in the sector because it would serve as a guide to the complete mining operation in Nigeria such that it would be a reference point for every operator.

He made the statement in a chat with LEADERSHIP during the stakeholders' forum on the draft minerals and mining regulations held recently at the Nicon Luxury Hotel, Abuja.

"The mining regulation will help operators to have basic legal knowledge of how they will operate and thereby reduce the cases of illegal mining in the country, because over 80 per cent of the interests of the operators are captured in the regulation."

The president said that prior to this moment, regulations, laws and other acts were formulated without the input of the stakeholders. "But now, stakeholders are involved to make direct contributions, criticism and observations with the view to come out with an all encompassing regulation that reflects the views and aspirations of all concerned. So one can predict that the regulation unlike the previous ones, will stand the test of time" he said.

Shehu, however, said that the main purpose of the mining regulation is to supplement the Act.

"The regulation is the vehicle through which the Act is implemented and, in the Act, concerns such as environmental, safety, gender and other issues were contained. The regulation also contains these components. So to that extent, I will in confidence say that all variables have been properly captured in the regulations."

He advised that there was need for a collective advocacy from the operators, ministry and all concerned towards making mining a foremost revenue earner for the country. He appealed that government and all concerned should work with operators to be able to operate well and earn more money for themselves and the country.

"There is an urgent need for a financial institution that will focus attention on financing mining. Commercial banks do not seem to understand the sector and are reluctant to fund it. So there is need for a professional bank that will be mandated to fund the sector. If that is done, we hope it will invigorate mining activities in the country," he said.