Minister of Solid Minerals Development, Dr Dele Alake, has solicited the support of the Senate for increased funding for the ministry, saying this will enhance its capacity to carry out detailed exploration of the nation’s vast mineral deposits.
Speaking at the opening session of the investigative hearing of the Senate Committee on Solid Minerals, Alake identified the twin issue of poor funding for exploration and insecurity as the main challenges hampering the development of the mining sector.
The minister bemoaned the country’s low investment in mining exploration as only $2.5 million was invested last year, citing figures from Standard & Poor’s report.
Alake noted: “When we compare the exploration budgets of other African countries with ours, it is depressing. According to Standard & Poor’s, as of 2023, Nigeria’s investment in exploration was $2.5 million against $147 million in Ivory Coast and $133 million in Congo. In our determination to compete, we had proposed a budget of N70 billion to invest in exploration that would cover the entire Nigerian landscape. Going by the 2024 budget, our capacity to move at our desired speed may be undermined. We need your support to fund exploration and kit our personnel to regulate the sector.”
