Minister of Solid Minerals Development, Dr Dele Alake, has solicited the support of the Senate for increased funding for the ministry, saying this will enhance its capacity to carry out detailed exploration of the nation’s vast mineral deposits.

Speaking at the opening session of the investigative hearing of the Senate Committee on Solid Minerals, Alake identified the twin issue of poor funding for exploration and insecurity as the main challenges hampering the development of the mining sector.

The minister bemoaned the country’s low investment in mining exploration as only $2.5 million was invested last year, citing figures from Standard & Poor’s report.

Alake noted: “When we compare the exploration budgets of other African countries with ours, it is depressing. According to Standard & Poor’s, as of 2023, Nigeria’s investment in exploration was $2.5 million against $147 million in Ivory Coast and $133 million in 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 2024 budget, 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, he informed the lawmakers about the recently unveiled 2,220-man-strong Mining Marshals, with 60 operatives deployed in each state of the federation and the Federal Capital Territory (FCT).

Declaring the investigative hearing open, Senate President, Godswill Akpabio, lauded the minister for personally attending the event, noting that his presence indicated the commitment of the Presidency to making solid minerals the fulcrum of diversification of the economy.

Akpabio canvassed concerted efforts by the executive and legislative arms to ensure resources being frittered away through illegal mining and other nefarious activities are checked.

The committee chairman, Ekong Sampson, in his remarks, stated that the three-day programme was hinged on unravelling challenges hampering the development of the mining sector, despite the vast mineral deposits in the nooks and crannies of the country.

“We want to look at the challenges and see what we can do together with the executive, to address these bottlenecks and ensure that solid minerals contribute substantially to our economy. Nigeria is blessed with vast mineral deposits. The time is now to harness these God-given resources for the benefit of all Nigerians,” he added.