The Nigerian Senate has agreed to the establishment of an agency for the development of solid mineral resources in the country.

The bill of the establishment was sponsored by Senator Tanko Al-Makura, to encourage investment and foreign exchange earnings for the country.

The bill is titled: “A bill for an Act to establish the Nigerian Mineral Development Corporation to invest and catalyze investments in the mining sector, to promote and support mining sector growth and for all related matters.”

It was argued that Nigeria was losing billions of dollars daily to foreign miners due to the absence of the agency that oversees solid mineral exploration and exploitation of products in the country.

The Senate agreed that the bill should pass second reading when the Senate President, Ahmed Lawan, subjected its passage to voice vote.

He thereafter referred the proposed legislation to the Senate Committee on Solid Minerals for public hearing and report back in four weeks.