The Federal Government has launched the Nigeria Mineral Resources Decision Support System (NMDSS) to improve business operations in the mining sector and attract global investors.
**Key Points:**
– **Ministerial Initiative**: Dele Alake, Minister of Solid Minerals Development, emphasised the need for Senate support to increase funding for detailed mineral exploration in Nigeria.
– **NMDSS Launch**: The NMDSS aims to provide comprehensive access to crucial information about Nigeria’s mineral resources and investment incentives globally, enabling investors to make informed decisions without needing to visit Nigeria.
– **Combating Illegal Mining**: Alake addressed the issue of illegal mining, noting the establishment of 2,220 Mining Marshals to regulate the sector and the formation of 152 cooperatives by artisanal miners to promote legal operations.
– **Funding Challenges**: Nigeria’s exploration budget remains significantly low, with $2.5 million invested last year compared to Ivory Coast’s $147 million. Alake proposed a budget of N70 billion for enhanced exploration.
– **Legislative Support**: Senate President Godswill Akpabio and the Senate Committee on Solid Minerals Development acknowledged the need for collaboration to revitalise the mining sector and maximise its potential for economic contribution.
This initiative forms part of the ongoing effort to reframe the mining sector as a key economic driver, addressing illegal activities and improving investment attractiveness.