Minister of Solid Minerals Dele Alake has said that for the sector to really diversify Nigeria’s mono-economy and start contributing at least 50% to her Gross Domestic Product GDP annually, the Nigerian Mining Corporation MMC, currently being repositioned, needs a conservative N250 Billion for geo scientific exploration of the over 40 identified such minerals so far identified in different parts of the country.
The amount he noted was a far cry from the N29 billion sectoral allocation to the Ministry in the 2024 Budget, which he described as grossly inadequate for solid mineral exploration, a function which he said was best undertaken by the Nigerian Government, rather than leaving it to private investors to undertake.
According to the Minister, “Allowing private investors to undertake the geo-scientific exploration of solid minerals would definitely mean that half of the data generated in the exercise will be withheld and used to their advantage in their dealings with the Nigerian government.”
“That is why it is pertinent for government to be responsible for this first all important step in solid mineral development, so that scientific data so generated remain the exclusive preserve of the government, as the major investor in the process, to be shared as necessary, with other public-private investors” the Minister added.
Mr. Dele Alake solicited for synergy between the Ministry and Committee in ensuring that allocation for the ministry in the 2024 budget is increased significantly for it to effectively play its role as a catalyst for national economic diversification.
The Minister blamed the envelope system of budgeting in the country as a limiting factor to the aims and aspirations of the solid mineral sector and called for a review, in view of the importance and sensitivity of core sectors to access funds, at least for capital projects.
On the review of the Ministry’s 2023 budget, the Minister reported that he had virtually nothing to report as the ministry was then known as Ministry of Steel and Solid Mineral Development, with emphasis on Steel Development.
