Boosting Nigeria’s Economy: Minister Alake Appeals to Representatives for Additional N250 Billion for Mineral Exploration

The Honourable Minister of Solid Minerals Development, Dele Alake, recently presented a compelling case to the House of Representatives Committee on Solid Minerals, advocating for a substantial increase in the budget allocated to mineral exploration in Nigeria. Mr Alake expressed his belief that the current allocation of N24 billion by the government to his ministry is wholly inadequate, firmly asserting that N250 billion is imperative to effectively carry out the exploration of minerals.

During the budget defence session, Mr Alake underscored the critical role of the government in spearheading the exploration mapping efforts, emphasizing the need to prevent the private sector from having exclusive access to geoscientific data. He earnestly implored the lawmakers to approve the fund, citing the necessity of substantial funding in exploration to generate essential geoscientific data. Mr Alake staunchly stated that the allocated budget of N24 billion is insufficient, labelling it as a “non-starter” in achieving the objectives of the solid minerals sector.

In his plea to the representatives, Mr Alake highlighted the significance of the proposed N250 billion budget for exploration, particularly in the context of Nigeria’s economic diversification vision and government policies. He sought the support of the lawmakers, expressing his unwavering commitment to the realisation of this crucial measure.

In addition to his appeal for increased funding, Minister Alake drew attention to the widespread issue of illegal mining in the country. He disclosed that a considerable portion of the illegal mining sector is controlled by influential Nigerians who are allegedly financing banditry as a cover for their illicit activities. Mr Alake highlighted the government’s efforts to identify the individuals involved and implement appropriate responses, both kinetic and non-kinetic, to address the issue.

Furthermore, he refuted the misconception that foreigners are solely responsible for illegal mining activities, asserting that powerful Nigerians play a pivotal role in supporting and facilitating these operations. The minister’s statement shed light on the critical need to address the domestic forces behind illegal mining, in addition to addressing the involvement of foreign nationals in the illicit practice.

The Chairman of the Committee, Jonathan Gaza, pledged to consider the minister’s submission and request, indicating the committee’s willingness to review the matter.

As Nigeria continues to strive for economic growth and sustainable development, the allocation of resources to critical sectors such as mineral exploration is indispensable. Minister Alake’s appeal to the House of Representatives for additional funding not only underscores the importance of solid minerals in the country’s economy but also highlights the government’s commitment to addressing the challenges within this sector.

The need for increased investment in mineral exploration and efforts to combat illegal mining are vital steps towards fostering a robust and sustainable solid minerals industry in Nigeria. By amplifying exploration activities and implementing measures to curtail illegal mining, the government can harness the full potential of the country’s mineral resources, contributing to economic advancement and national development.

In conclusion, Minister Alake’s advocacy for increased funding for mineral exploration signifies a pivotal opportunity for the government to bolster the solid minerals sector, ultimately contributing to the overall economic prosperity and progress of Nigeria.