Lack of capacity among mining title holders affecting genuine investors – NMCO

The Nigeria Mining Cadastre Office (NMCO) has said the lack of capacity among some mining title holders was affecting the entry of genuine investors into the sector. This concern was expressed noting that some mining title holders, who possess multiple cadastral units, lack the capacity to operate them.

This was disclosed by the Director General of NMCO, Dr Obadiah Nkom, at a presentation at the ninth Nigeria Mining Week in Abuja on Wednesday.

According to Nkom, the lack of capacity among some mining title holders was affecting the entry of genuine investors into the sector.

He noted that some small-scale operators have acquired titles that were beyond their capacity to operate.

He said to address this issue; the NMCO introduced a new mining regime in July, aimed at sanitising the sector and ensuring that mining titles are allocated to capable operators.

Nkom said the regime operated on the principle of “first come, first served” and “use it or lose it.”

Nkom stated that the new regime was yielding positive results, with an increase in the number of investors in the sector and the revocation of licenses that were not being used.

He emphasised that the NMCO plays a crucial role in ensuring transparency, efficiency, and compliance in the administration of mineral rights.

“The NMCO is tasked with managing Nigeria’s mineral resources responsibly, attracting investments, and fostering economic growth while protecting the environment.

“By aligning its operations with international standards and national priorities, the NMCO is positioning Nigeria’s mining sector as a cornerstone of the nation’s economic diversification agenda.”

BRANDECONOMY reports that the theme for the Mining Week is ‘From the Inside Out: Building the Mining Sector to be the Cornerstone of the Economy’.