Dr Dele Alake, the Honourable Minister of Solid Minerals Development, has expressed profound concern regarding Nigeria’s ranking in exploration budget relative to other African nations. During the inaugural session of the investigative hearing held by the Senate Committee on Solid Minerals, he made reference to a report by Standard & Poor’s which indicated a mere $2.5 million investment in 2023, placing Nigeria in the 12th position in terms of exploration budget.
Alake has identified insufficient funding for exploration and prevailing insecurity as the predominant challenges within the solid minerals sector. He has underscored the imperative need for a heightened allocation of budgetary resources to augment the Ministry’s capability for meticulous exploration and to attract prospective investors. According to the report by Standard & Poor’s, Ivory Coast has secured the top position with an exploration budget amounting to $147 million, closely followed by Congo with $133 million.
Notwithstanding the challenges, the Ministry of Solid Minerals Development in Nigeria has introduced 2,220 Mining Marshalls, who have been deployed nationwide to impede the activities of illegal miners. Additionally, Alake has deliberated on the cancellation of dormant mining licenses and the substantial annual loss of over $9 billion to illicit mining practices in the country.
In response to these challenges, the Ministry has embarked on several initiatives aimed at reducing illegal mining, including the establishment of artisanal miner cooperatives and the launch of a comprehensive radio campaign to discourage illegal mining activities. Furthermore, there are plans to institute six additional processing centres across the six geo-political zones.
Furthermore, Alake has called upon the legislature to furnish the Ministry with comprehensive support to bolster its reforms and enhance funding. He has emphasised the criticality of equipping the mining marshals and ensuring the enactment of necessary statutes to fortify the Ministry’s endeavours.
The Honourable Minister’s testimony before the Senate Committee on Solid Minerals underscores the pressing urgency to address the challenges confronting the solid minerals sector in Nigeria. The appeal for augmented budget allocation and legislative support is indispensable for the progression and advancement of the country’s mining industry.