Boosting Nigeria’s Mining Sector: The Launch of the Decision Support System
The Nigerian Mineral Resources Decision Support System (NMDSS) has been introduced by the federal government through the Ministry of Solid Minerals Development to facilitate business operations in the mining sector. This endeavour seeks to provide comprehensive information on Nigeria’s mineral reserves, mining sector regulations, and investment incentives to potential investors worldwide.
Minister of Solid Minerals Development, Dele Alake, has emphasized the significance of the NMDSS as a pivotal marketing tool to entice investors to the solid minerals sector. This system offers prospective international investors easy access to reliable information on Nigeria’s mineral resources, facilities, and infrastructure, thus serving as a comprehensive guide for potential investors.
The government’s anti-illegal mining measures involve the deployment of mining marshals and the establishment of cooperatives for artisanal miners to legitimize their operations. Furthermore, there is an ongoing push for the establishment of more mineral processing centres across the country to add value to the extracted minerals.
Nonetheless, the Minister has underscored the necessity for increased funding to bolster the ministry’s capacity for detailed exploration of the nation’s abundant mineral deposits. Inadequate funding and security concerns have been identified as primary hindrances to the development of the mining sector and its potential to drive economic diversification.
In response, the Minister has urged the Senate to augment funding for exploration and regulation of the sector. Nigeria’s investment in exploration is notably lower compared to other African countries, as highlighted in a report by Standard & Poor’s. The country experiences annual losses of over $9 billion due to illegal mining activities, necessitating legislative support and increased funding to effectively address these issues.
Senate President, Senator Godswill Akpabio, commended the Minister’s commitment to positioning solid minerals as the cornerstone of economic diversification. He called for collaborative efforts between the executive and legislature to combat the losses incurred through illegal mining and similar illicit activities, ensuring sustainable development of the mining sector.
Chairman of the Senate Committee on Solid Minerals Development, Senator Ekong Sampson, stressed the importance of addressing the impediments obstructing the substantial contribution of solid minerals to the economy. Nigeria’s ample mineral reserves should be harnessed for the collective benefit of citizens.
In conclusion, the introduction of the NMDSS and the ongoing reforms in the mining sector underscore the government’s determination to unlock the potential of Nigeria’s solid minerals. With the support of the Senate and other stakeholders, the mining sector has the potential to significantly bolster the country’s economy, attracting both domestic and foreign investments.
