Mr Akpabio said foreign miners benefit more from the nation's solid minerals than Nigerians.
The Senate President, Godswill Akpabio, says foreign miners are benefiting more from the nation's solid minerals than their Nigerian hosts.
Mr Akpabio said this on Tuesday at a three-day investigative hearing on the need to review the nation's mining industry.
The hearing was organised by the Senate Committee on Solid Minerals Development.
Mr Akpabio, while analysing the situation of the mining sector, explained that foreign miners exploited Nigeria's solid minerals and left the country to continue facing insecurity.
"As usual, more foreigners are earning in mining than Nigerians. Instead, they left us with tales of woes including insecurity" the senate president said.
Foreign exchange
Mr Akpabio also said the nation's mining sector ought to be a catalyst that determines foreign exchange.
He also noted that if the sector can be controlled, it would help the country achieve social inclusion and empower Nigerians.
"We can no longer overlook the immense potential of this sector. The mining industry should be a cornerstone of our foreign exchange earnings and a catalyst for social inclusion and empowerment" he added.
The senate president said Nigeria possesses the capacity to lead other countries in the mining sector because the nation is blessed with abundant solid mineral resources.
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"Our beloved country, blessed with abundant mineral resources, has the potential to become a global powerhouse in the mining sector.
"However, to realise this potential, we must confront the challenges that hinder the growth of this sector. This investigative hearing presents us with an opportunity to ask the tough questions, identify these challenges, and develop effective strategies to overcome them".
Unaccounted mining
The Chairperson of the Senate Committee on Solid Minerals Development, Sampson Ekong, lamented uncontrolled and unchecked illegal mining activities in the country.
Mr Ekong, the senator representing Akwa Ibom South Senatorial District, noted that the unchecked illegal mining is increasing insecurity challenges in the country.
"It is disturbing that as a country, we have not been able to adequately maximise the advantage of our huge endowments. The nation loses so much daily, to illegal, unaccounted for and undocumented mining.
"There have also been mounting concerns over misuse of our natural endowment to fuel insecurity. All these have to be checked through our collective efforts.
"We have a duty to make the Nigerian solid minerals sector work optimally, generate the projected revenue for the country, improve our GDP and strengthen our economy," he said.
