A Push for Increased Funding to Develop Nigeria’s Solid Minerals Sector

The House of Representatives Committee on Solid Minerals Development is resolute in its efforts to augment the budgetary allocations to the Ministry of Solid Minerals Development for the fiscal year 2024. This decision is aimed at fortifying the role of the mining sector in diversifying the economy and bolstering the nation’s Gross Domestic Product (GDP).

During the ministry’s budget defense session, the chairman of the House Committee on Solid Minerals, Hon. Jonathan Gbefwi, pledged to amplify the budgetary allocations. He underscored the abundant solid minerals in Nigeria, which have the potential to attract foreign exchange and make a significant contribution to the nation’s economy.

Gbefwi expressed dismay over the sharp decline in the solid minerals sector’s contribution to the GDP, from over 50% in the 1970s to a mere 0.65% today. Nevertheless, he conveyed optimism due to the current administration’s priority focus on the solid minerals sector. He lauded the ministry for initiating strategic bilateral and trade expeditions to attract essential investments into the country.

Despite his enthusiasm, Gbefwi articulated his disappointment regarding the 2024 budget estimates for the ministry, which he deemed inadequate to make a substantial impact in the pivotal sector. Consequently, the committee chairman assured that the House of Representatives will not only augment the budgetary allocations but also collaborate with the executive to implement legislative reforms.

Dr. Dele Alake, the minister of solid minerals development, reaffirmed the government’s dedication to diversifying the economy through solid minerals. He emphasized the discovery of at least 44 economically viable minerals and underscored the importance of creating a conducive environment for mining operations.

Alake acknowledged the neglect of the mining sector in the past due to the abundant flow of oil money. However, he underscored the current necessity to concentrate on revitalising the sector to alleviate the nation’s economic challenges.

The minister outlined his seven-point agenda and efforts to draw attention to Nigeria’s mineral resources, which have garnered global interest. To address insecurity, he disclosed collaborative efforts with the ministry of defence to establish a new security architecture integrating advanced technology.

Expressing gratitude to the House committee, Alake underscored the significance of increased budgetary allocations in enhancing the government’s capacity to invest in exploration and generate geo-data on mineral resources. This, in turn, will attract major players and generate substantial revenue for economic development.

In conclusion, the commitment of the House of Representatives Committee on Solid Minerals Development to reinforce the budgetary allocations to the Ministry of Solid Minerals Development signifies a positive stride towards harnessing the potential of Nigeria’s solid minerals sector for economic growth and diversification.