The minister of solid minerals development, Dr. Dele Alake, has solicited the support of the Senate for an increase in funding for the ministry to enhance its capacity to carry out detailed exploration of the nation’s vast mineral deposits.
Speaking during the opening session of the investigative hearing of the Senate Committee on Solid Minerals, Alake identified the twin issues of poor funding for exploration and insecurity as the main challenges hampering the development of the mining sector which is limiting its role as the pivot of diversification of the economy.
In a statement by the minister’s special assistant on media, Segun Tomori, Alake bemoaned the country’s low investment in mining exploration, saying only $ 2.5 million was invested last year, citing figures from Standard & Poor’s report.
Standard & Poor, a global rating agency, had ranked Nigeria’s exploration budget 12th in Africa and placed Ivory Coast in the top position with $147 million.
“When we compare the…
Source: Leadership Newspaper
