The Minister of Solid Minerals Development, Dr. Dele Alake has made a case for an increase funding for his ministry in order to enhance its capacity to carry out detailed exploration of the nation’s vast mineral deposits.
He made the case during an investigative hearing of the Senate Committee on Solid Minerals.
Soliciting for the support of the nation’s upper chamber of the National Assembly, Alake identified the twin issues of 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.
The minister bemoaned the country’s low investment in mining exploration. $ 2.5 million was invested last year, citing figures from Standard & Poor’s report, which ranked Nigeria’s exploration budget 12th in Africa and placed Ivory Coast in the top position with $147 million.
