Addressing the opening session of the investigative hearing of the Senate Committee on Solid Minerals, Dr. Alake highlighted insufficient funding for exploration and insecurity as major hurdles hindering the mining sector’s progress.

Citing a report by Standard & Poor’s, Dr. Alake underscored the vast gap in exploration budgets between Nigeria and other African nations. He noted that Nigeria’s exploration investment in 2023 was only $2.5 million, compared to $147 million for Ivory Coast and $133 million for Congo. To remain competitive, the ministry proposed a budget of N70 billion for exploration across Nigeria. However, Dr. Alake expressed concern that the budget for 2024 might impede their ability to operate at the desired pace and urged the Senate’s support for funding exploration and enhancing regulatory capabilities.

Dr. Alake also briefed the senators on the deployment of 2,220 Mining Marshals, with 60 operatives stationed in each state and the Federal Capital Territory to combat illegal mining. Additionally, he mentioned ongoing advocacy initiatives and a radio campaign aimed at discouraging illegal mining while encouraging artisanal miners to form cooperatives.

Highlighting the need for six additional processing centers across the geopolitical zones, Dr. Alake emphasized the importance of legislative support and improved funding for equipping mining marshals and implementing ministry reforms.

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Senate President Godswill Akpabio commended Dr. Alake’s personal attendance at the hearing, signaling the presidency’s dedication to making solid minerals pivotal to economic diversification. Akpabio urged collaborative efforts between the executive and legislature to curb losses from illegal mining and other illicit activities.

Chairman of the Senate Committee on Solid Minerals Development, Senator Ekong Sampson, emphasized the investigative hearing’s focus on identifying challenges obstructing the mining sector’s development despite Nigeria’s abundant mineral resources.