Boosting Nigeria’s Economy: Senate Committee Pledges Increased Budget Support for Solid Minerals Development
It was a pivotal moment during the proceedings of the Senate Committee on Appropriations and Solid Minerals on Wednesday, as the committee pledged to increase budgetary allocations to bolster the development of Nigeria’s solid minerals. The overarching objective is to enable the mining sector to play a pivotal role in diversifying the nation’s economy.
The Minister of Solid Minerals Development, Dele Alake, highlighted the significant progress achieved in the development of solid minerals over the past three months during a budget defence session. He underscored the necessity of sustainable infrastructure to efficiently exploit the country’s mineral resources and propel economic growth. Alake also outlined a 7-point agenda aimed at combating illegal mining and attracting international investment.
A major accomplishment of the Minister has been the generation of interest in Nigeria’s mining sector both domestically and internationally, particularly from international investors with a focus on Lithium. This was evident in a recent meeting with the British Deputy Prime Minister, Oliver Dowden, who expressed substantial interest in Nigeria’s Lithium and committed to mobilising a consortium of British investors to invest in the value chain.
Undoubtedly, the next crucial step in advancing the solid minerals sector is the generation of geoscientific data, which is imperative as it provides invaluable information for potential investors. However, the Minister stressed the necessity for government support in securing the requisite budgetary allocations to procure the technical personnel and equipment needed for this purpose.
In response to the Minister’s presentation, the Chairman of the Senate Committee on Solid Minerals, Sen. Ekong Samson, pledged the committee’s support to the ministry and underscored the inadequacy of the proposed budget allocations. He committed to advocating for increased funding to enable the Ministry to achieve its full potential in contributing to the nation’s Gross Domestic Product (GDP).
Additionally, during the Senate appropriations committee, Chairman Sen. Olamilekan Yayi echoed the sentiment of increased budgetary allocations to the solid minerals sector, emphasising the importance of scaling up the budget to generate substantial revenue and ensure the success of the Minister’s reforms.
In conclusion, the unanimous resolve of the Senators to support the Minister’s initiatives and ensure adequate funding for the solid minerals sector marks a promising step towards making the mining industry a major contributor to Nigeria’s overall revenue. This support from the Senate Committee signifies a critical commitment to fostering economic growth and diversification through strategic investment in the mining industry.
It is evident that substantial progress has been made, and with the continued support of the Senate Committee, the solid minerals sector is well-positioned to become a key player in propelling Nigeria’s economic development.
