Dele Alake Advocates N250 Billion Boost for Solid Mineral Sector in 2024 Budget

In a groundbreaking appeal before the House of Representatives Committee on Solid Minerals, Nigeria’s Minister of Solid Minerals, Mr. Dele Alake, passionately called for a substantial boost in the 2024 budgetary allocation for the sector, aiming for a significant increase from the current N24 billion to an ambitious N250 billion. The appeal, made during Wednesday’s committee session, was underscored by Alake’s vision for the Ministry to contribute a substantial 50% to the country’s GDP.

Highlighting the untapped potential of Nigeria’s mineral deposits, estimated at a staggering $700 billion, Minister Alake emphasized that the current budgetary allocation is insufficient for the exploration needed to unlock the sector’s full economic impact. “What we have is N24bn, and this is a non-starter,” he declared. Alake passionately argued that with the right investment, the country could position itself as the primary hub for solid minerals, potentially overshadowing revenue derived from the oil sector.

“Conservatively, the worth of mineral deposits in the country stands at over $700 billion dollars. They are yet to be tapped commercially owing to institutional bottlenecks,” Alake pointed out, emphasizing the transformative potential that an increased budget could unleash.

Addressing the concern of leaving mineral exploration solely to the private sector, Alake stressed the need for government involvement. He asserted, “We cannot leave exploration in the hands of the private sector. If we do that, they will keep part of the date for pecuniary purposes.” Alake envisioned that a larger budget would allow the ministry to contribute trillions to the nation’s coffers as revenue, emphasizing the economic benefits of a robust investment strategy.

However, the minister also shed light on a concerning aspect of the mining industry—illegal activities supported by influential individuals. Alake revealed that powerful Nigerians were providing backing to illegal miners, resulting in heightened incidents of banditry and insecurity. “These are heavy and powerful individuals in our country. They are Nigerians and not foreigners,” he disclosed.

Alake acknowledged the government’s efforts to identify and address these security challenges associated with illegal mining. “We are identifying them and employing various strategies, both kinetic and non-kinetic,” he stated. The minister highlighted the importance of collaborative efforts with artisan miners, urging them to form cooperatives and expressing understanding of the socio-economic challenges they face.

In this exclusive coverage by Infostride News, Minister Dele Alake’s appeal for a substantial budget increase underscores the critical role solid minerals can play in shaping Nigeria’s economic landscape. The minister’s insights also bring attention to the intertwined issues of economic development, national security, and the need for strategic interventions to curb illegal mining activities.