The Minister of Solid Minerals, Dele Alake, attributes illegal mining and acts of terrorism in the country to unnamed ‘powerful Nigerians.’
He made this claim during the defense of the 2024 budget before the House of Representatives Committee on Solid Minerals in Abuja on Tuesday.
Alake asserts that while there might be a foreign component to banditry, the primary sponsors are yet-to-be-identified Nigerians. He emphasizes the need to identify these influential individuals associated with illegal mining through both kinetic and non-kinetic means.
For mining to generate substantial revenue, Alake advocates for a formal structure akin to the model operated by the Nigerian National Petroleum Company Ltd.
He estimates the conservative worth of the country’s minerals at over $700 billion, highlighting the untapped potential due to institutional bottlenecks.
Pleading with the committee to consider the 2024 budget proposal, Alake expresses concern over the allocated N24 billion, deeming it insufficient.
He contends that a budget of N250 billion is necessary for exploration, envisioning the ministry contributing significantly to the nation’s GDP and surpassing other sectors, including oil.
According to Alake, Nigeria possesses over 44 minerals in high demand globally. Committee Chairman Gaza Gbefwi acknowledges the solid minerals sector as crucial for economic diversification.
He deems the budget estimates for the ministry as grossly inadequate and pledges the committee’s commitment to work diligently in securing additional funding for Alake’s seven-point agenda.
