Nigeria Unveils 44 Profitable Solid Mineral Discoveries, Aims to Attract Foreign Investors
Mr. Dele Alake, the Minister of Solid Minerals, recently addressed the House of Representatives Committee on Solid Minerals to discuss the 2024 budget proposal for the ministry. In his presentation, he highlighted Nigeria’s abundance of economically viable solid mineral deposits, numbering at 44, which are currently untapped.
The value of these mineral deposits is estimated to be in excess of $700 billion, underscoring the substantial economic potential awaiting exploitation. However, Mr. Alake underscored that institutional barriers have thus far impeded the commercial exploitation of these resources.
In an effort to attract foreign investors, Mr. Alake articulated a compelling case for investing in Nigeria’s solid minerals sector. He emphasized that, with adequate financial backing and support, the country could emerge as a global leader in the field of solid minerals.
The Minister expressed apprehensions regarding the current budget allocation for the Ministry of Solid Minerals, deeming it inadequate in light of the ambitious objectives set by the government. He advocated for a significant increase in funding, proposing a budget of N250 billion for exploration purposes.
Furthermore, Mr. Alake voiced concerns about the involvement of influential Nigerians in supporting illegal miners, attributing their actions to the escalation of banditry and insecurity. He stressed the necessity of taking decisive action against these powerful individuals and implementing a range of strategies, both kinetic and non-kinetic, to tackle the issue.
In conclusion, Nigeria’s solid minerals sector presents vast promise for the country’s economic diversification and development. With the discovery of 44 economically viable mineral deposits, the government remains dedicated to attracting foreign investment and surmounting the obstacles hindering the sector’s potential.
Sources:
– House of Representatives Committee on Solid Minerals
– Ministry of Solid Minerals Development
– Minister of Solid Minerals, Mr. Dele Alake
