The Minister of Solid Minerals, Dele Alake, has accused powerful Nigerians of fuelling illegal mining and associated insecurity in the country. Speaking to the House Committee on Solid Minerals regarding the 2024 budget estimates, he stated that these unidentified individuals are largely responsible for ongoing banditry, which he believes may have foreign influences but is primarily sponsored by Nigerians.
Key points from Alake’s remarks include:
– Illegal mining is linked to insecurity in mining areas and is supported by influential Nigerians.
– The Ministry aims to establish a formal structure reminiscent of the Nigerian National Petroleum Company to enhance revenue generation from mining.
– The proposed new structure for the Nigeria Mining Corporation will be largely private sector-driven while maintaining government equity to ensure stability.
– Nigeria’s mineral wealth is estimated at over $700 billion, yet commercial exploration remains unexploited due to bureaucratic challenges.
– Alake urged for an increased budget of N250 billion to address exploration, arguing the current allocation of N24 billion is insufficient for the ministry to meet its potential.
– He highlighted the need to engage host communities to mitigate risks of lawlessness resulting from mining activities.
– The committee chairman, Gaza Gbefwi, acknowledged the solid minerals sector as vital for economic diversification and noted the current budget estimates are inadequate.
Overall, Alake’s presentation emphasized the urgent need for substantial investment and structured change in Nigeria’s mining sector to unlock its economic potential.