Dele Alake, Nigeria’s Minister for Solid Minerals Development, has highlighted insecurity and insufficient funding as the main obstacles to the nation’s mining sector growth. He has called on the Senate for increased financial support to facilitate thorough exploration of Nigeria’s rich mineral resources.

During an investigative hearing by the Senate Committee on Solid Minerals, Alake pointed out that poor funding hampers exploration and limits the sector’s potential in economic diversification. He expressed concern over Nigeria’s meagre $2.5 million investment in mining exploration, which ranks it 12th in Africa behind countries like Ivory Coast and the Congo.

Alake lamented the country’s low exploration budget compared to Africa’s leaders, with Ivory Coast investing $147 million. He proposed a funding requirement of N70 billion to enhance exploration across Nigeria, warning that the upcoming budget may hinder progress without legislative support.

To combat illegal mining, the Minister introduced a 2,220-strong Mining Marshals unit, deploying operatives across the states. He explained the various categories of illegal miners and revealed that Nigeria loses over $9 billion annually due to illegal mining activities.

In addition to the Marshals, Alake disclosed ongoing initiatives aimed at advocating for legalisation of artisanal mining, including a radio campaign to promote cooperative formation. This effort aims to align with the government’s new value addition policy, with plans for establishing six processing centres across Nigeria’s geopolitical zones.

Senate President Godswill Akpabio commended Alake’s commitment to solid minerals development, emphasising collaboration between the legislature and executive to tackle issues arising from illegal mining. The Senate Committee Chair, Ekong Sampson, reiterated the importance of addressing challenges to maximise the economic benefits of Nigeria’s vast mineral resources.

The Nigerian mining sector faces significant challenges, primarily due to insecurity and inadequate funding. These issues detract from the sector’s potential to serve as a key driver for economic diversification. The call for legislative backing and increased investment highlights the government’s recognition of the mining sector’s expansive potential, stemming from the rich mineral deposits available throughout the country.

In summary, Dele Alake has underscored the critical issues of insecurity and funding in Nigeria’s mining sector. He is advocating for legislative support and increased investment to enhance exploration efforts and combat illegal mining. With collaboration between the Senate and the Ministry, there is hope for a revitalised mining sector that contributes meaningfully to Nigeria’s economy.

Original Source: businessday.ng

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