Unlocking the Potential of Solid Minerals: Minister Alake Pushes for Funding to Establish Geoscience Data Bank
The Honourable Minister of Solid Minerals Development, Mr Dele Alake, recently presented before the Senate Committee on Solid Minerals to advocate for the requisite funding to establish a geoscience data bank. This data bank holds significant importance in attracting investors to the solid minerals sector, which is poised to become Nigeria’s next petroleum.
During the meeting, Senator Samson Ekong, Chairman of the Committee, expressed the committee’s willingness to provide budgetary support to the ministry. He recognized the significance of generating geo-science data on the 44 mineral deposits across the country to stimulate investments in the sector.
Alake underscored the essential role of geoscience data in attracting investors and underscored the necessity for substantial funds to accomplish this objective. He emphasized the importance of establishing ground rules and enduring infrastructure to effectively harness the mineral resources and boost the GDP. Alake also outlined the imperative of a preventive strategy to curb illegal mining and unethical practices within the industry.
The minister highlighted the successful efforts made to garner international attention for Nigeria’s mining sector. He mentioned the keen interest of global investors in the country’s lithium reserves, which has led to promising discussions with the British Deputy Prime Minister and the prospect of British investor consortiums expressing interest in the lithium value chain.
Alake emphasized the importance of generating comprehensive geoscientific data to guide potential investors in making informed decisions. This data is pivotal in projecting the available mineral resources accurately, thus attracting substantial investments to the sector.
In response, the chairman of the Senate Committee expressed concerns over the ministry’s limited budgetary proposals. He emphasized the inadequacy of the proposed budget to make a significant impact on the mining sector’s contribution to the nation’s GDP.
In conclusion, the collaborative efforts between the Ministry of Solid Minerals Development and the Senate Committee on Solid Minerals are aimed at leveraging the abundant solid mineral resources in Nigeria. Establishing a robust geoscience data bank is essential in unlocking the sector’s potential and positioning it as a major revenue earner for the country.
By seeking the necessary funding and support, Minister Alake is spearheading initiatives to drive investments and sustainable growth in the solid minerals sector, ultimately contributing to the economic development of Nigeria.
