Nigeria’s Minister of Solid Minerals, Dele Alake, informed the House of Representatives Committee on Solid Minerals that the Ministry has identified approximately forty-four (44) economically viable solid mineral deposits in the country. These deposits are in high demand globally, with a conservative estimated worth exceeding $700 billion. Alake emphasised that these resources remain untapped commercially due to institutional bottlenecks.
During his appearance before the committee to defend the 2024 budget proposal, Alake urged lawmakers to consider increasing the budget, stating that the allocated N29 billion is grossly inadequate. He argued that with the right investment, Nigeria could become a hub for solid minerals, contributing significantly to the nation’s GDP. Alake specifically highlighted the need for increased funding for exploration and suggested a budget of N250 billion to maximise the sector’s potential.
Additionally, the minister raised concerns about the involvement of influential Nigerians in supporting illegal miners, leading to insecurity and banditry. He asserted that powerful individuals within the country back illegal miners involved in activities contributing to insecurity. While efforts are being made to identify and address these individuals, Alake stressed the need for both kinetic and non-kinetic strategies to combat illegal mining and associated security challenges.
The Ministry of Solid Minerals plays a crucial role in harnessing Nigeria’s mineral resources for economic development. The minister’s appeal for increased funding reflects the potential economic benefits that could be unlocked through strategic investment in the solid minerals sector.
