Alake asks Senate to increase exploration funding

Minister of Solid Minerals Development Dele Alake has solicited the support of the Senate for an increase in funding for the ministry to enhance its capacity to carry out detailed exploration of the nation’s mineral deposits.

Alake made the call at the opening session of the investigative hearing of the Senate Committee on Solid Minerals in Abuja on Tuesday, May 7, 2024.

The minister identified poor funding for exploration and insecurity as the main challenges hampering the development of the mining sector whilst limiting its role as the pivot of diversification of the economy.

He bemoaned the country’s low investment in mining exploration, saying: “When we compare the exploration budgets of other African countries with ours, it is depressing.  According to Standard & Poor, as of 2023, Nigeria’s investment in exploration was $2.5 million against $147 million of Ivory Coast and $133 million of 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.

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“Going by the budget of year 2024, 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.”

Highlighting efforts to combat illegal mining, Alake told the senators about the recently unveiled 2,220-man mining marshals, with 60 operatives deployed across the country.

According to the minister, there are at least four categories of illegal miners, including unlicensed miners, licensed miners mining outside their cadastral units, licensed miners mining minerals different from what they are authorised to mine, and miners mining with licenses exclusively restricted to Nigerians.

“The country loses over $9 billion to illegal mining yearly,” Alake added.

Aside from the mining marshals representing the kinetic response to combat illegal mining, Alake revealed ongoing advocacy through Artisanal and Small Miners (ASM) extension officers and the launch of a campaign on radio spanning at least 113 radio stations across the country.

Speaking, Senate President Godswill Akpabio lauded the minister for attending the public hearing, noting that his presence indicated the commitment of the presidency to making solid minerals the fulcrum of diversification of the economy.

Akpabio advocated concerted efforts by the executive and legislature to ensure resources frittered away through illegal mining and other nefarious activities are curtailed.

The Star