Alake asks senate to increase funding for exploration of mineral deposits

Dele Alake, minister of solid minerals development, has asked the senate to increase funding for his ministry.

He said this will allow the ministry carry out detailed exploration of the country’s mineral deposits.

Alake said this on Tuesday when he appeared before the senate committee on solid minerals.

The minister said lack of adequate funding for exploration and insecurity are the main challenges slowing down the development of the mining sector.

“When we compare the exploration budgets of other African countries with ours, it is depressing,” he said.

“According to Standard & Poor’s, as of 2023, Nigeria’s investment in exploration was $2.5 million dollars 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.

“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.”

Alake reiterated that the country is losing over $9 billion to illegal mining yearly, adding that the federal government has put in place over 2,000 marshals to prevent illegal mining.

Responding, Senate President Godswill Akpabio said the legislature will work with the executive to ensure that “solid minerals contribute substantially to our economy”.