The Ignored Goldmine: Plans to Boost Funding for Solid Minerals Development
The House of Representatives Committee on Solid Minerals Development has issued a call for increased budgetary allocations to the Ministry of Solid Minerals Development in 2024 to enhance the role of the mining sector in diversifying the economy.
During a budget defence session of the Ministry of Solid Minerals Development, the Chairman of the House Committee on Solid Minerals, Hon. Jonathan Gbefwi, underscored the potential of Nigeria’s solid minerals to attract foreign exchange and make a significant contribution to the nation’s Gross Domestic Product (GDP). He expressed disappointment at the current meagre contribution of 0.65% to the GDP, in contrast to the sector’s previous 50% contribution in the 1970s.
Hon. Gbefwi recognized the government’s dedication to the solid minerals sector and praised the ministry’s efforts to attract investments through strategic bilateral and trade expeditions. Nonetheless, he criticised the 2024 budgetary estimates, deeming them as grossly insufficient to have a significant impact on the sector.
The committee chairman pledged to boost budgetary allocations to the mining sector and cooperate with the executive to implement reforms through legislative frameworks.
The Minister of Solid Minerals Development, Dr. Dele Alake, reiterated the government’s commitment to diversifying the economy through solid minerals. He emphasized the discovery of at least 44 economically viable minerals and stressed the importance of cleaning up the sector and establishing a conducive environment for mining operations.
Dr. Alake emphasized the need to learn from previous mistakes and focus on maximizing the potential of the solid minerals sector. He credited the ministry’s efforts to garner global interest in Nigeria’s mineral resources, outlining a 7-point agenda and increased attention to the mining sector.
In addressing security issues, the Minister revealed inter-agency collaborations with the Ministry of Defence to establish a new security architecture infused with advanced technology.
Dr. Alake expressed gratitude to the House committee for their dedication to increasing the ministry’s budgetary allocations for 2024, emphasizing the potential to boost government investment in exploration and generate significant geological data on mineral resources. This, he highlighted, would attract major players in the industry and result in substantial revenue for the government and economic development.
In summary, the endeavours of the House of Representatives Committee on Solid Minerals Development to advocate for enhanced funding for the mining sector demonstrate a dedication to harnessing the untapped potential of solid minerals in diversifying the Nigerian economy. The collaboration between legislative and executive bodies is essential in driving the necessary reforms and investments to propel the sector towards sustainable growth and development.
