Alake Seeks Increased Funding for Ministry of Solid Minerals

During a recent Senate Committee on Solid Minerals’ investigative hearing, Minister of Solid Minerals, Dele Alake, urged the Nigerian Senate to allocate more funds to his ministry. The increased budget would support detailed exploration of the country’s extensive mineral wealth, a crucial step towards economic diversification.

Alake detailed the dual challenges of underfunding and insecurity impeding the growth of the mining sector. He underscored that Nigeria’s investment in mining exploration lags significantly behind that of other African nations like Ivory Coast and Congo. This gap hinders Nigeria’s ability to fully leverage its mineral resources for economic growth.

The hearing also served as a platform for the minister to update on measures taken against illegal mining activities. He discussed the deployment of Mining Marshals and ongoing advocacy efforts aimed at promoting legal mining practices among local communities.

Moreover, Alake highlighted the Federal Government’s recent policy aimed at adding value to minerals within the country through the establishment of more processing centers. He stressed that these initiatives are pivotal for the policy’s success but require robust legislative backing and financial support to materialize effectively.

The call for increased funding is part of a broader push by the Nigerian government to reduce economic dependence on oil by tapping into other natural resources, which promises to foster a more sustainable and diversified economic landscape.

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