Nigeria Launches Decision Support System To Enhance Mining Sector, Boost Investment.
The Minister of Solid Minerals Development, Dele Alake, has urged the Senate to increase funding for the ministry to facilitate detailed exploration of Nigeria’s abundant mineral resources. This appeal comes as the federal government, through the Ministry of Solid Minerals Development, unveils the Nigeria Mineral Resources Decision Support System (NMDSS) to streamline operations in the mining sector and attract foreign investments.
At the launch of the NMDSS, Minister Alake emphasized the government’s commitment to providing investors with comprehensive information about Nigeria’s mineral deposits, mining policies, and investment incentives. He highlighted the system’s role in enhancing the ease of doing business in the solid minerals sector, enabling prospective investors to access crucial data from anywhere in the world with a simple click.
The NMDSS serves as a vital marketing tool for the mining sector, facilitating informed decision-making and fostering transparency in the industry. Minister Alake underscored its importance in assisting stakeholders and potential investors in obtaining essential information about mineral deposits and mining infrastructure.
Moreover, Minister Alake outlined ongoing efforts to address challenges in the mining sector, including the crackdown on illegal mining activities through the deployment of mining marshals and the legalization of artisanal mining operations through the formation of cooperatives.
In a separate engagement with the Senate Committee on Solid Minerals Development, Minister Alake reiterated the need for increased funding for exploration activities, citing Nigeria’s low investment in comparison to other African countries. He highlighted the proposed budget of N70 billion for exploration and emphasized the importance of adequate funding to accelerate the development of the mining sector.
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During the investigative hearing, Senate President, Senator Godswill Akpabio, commended Minister Alake for his commitment to the sector and advocated for collaboration between the executive and legislative arms to address challenges hindering the growth of the mining industry.
Chairman of the Senate Committee on Solid Minerals Development, Senator Ekong Sampson, emphasized the importance of harnessing Nigeria’s vast mineral resources for economic development and pledged the committee’s support in addressing sectoral challenges.
The three-day investigative hearing aimed to identify bottlenecks hindering the development of the mining sector and explore solutions to maximize the sector’s contribution to the nation’s economy.
