Nigeria Identifies 44 Key Solid Minerals With Foreign Investors Showing Interest

The Minister of Solid Minerals Development, Dele Alake yesterday stated that the ministry has identified about 44 key solid mineral deposits in the country out of which seven are in high demand because of their value.

He stated this when he appeared before the House Committee on Solid Minerals to defend the ministry’s 2024 budget estimate. He also revealed that foreign investors have begun to make more enquiries about the possibility of investing in the sector.

While disclosing that the government plans to invest heavily in the exploration of solid minerals, Alake described the N29 billion allocated to the ministry for 2024 as a “non-starter”.

He pointed out that with the right investment by the government, Nigeria has the potential to become a global hub for solid minerals in the world. The minister however regretted that “heavy and powerful” Nigerians involved in illegal mining are behind insecurity, especially in parts of the country with huge solid minerals deposits.

He stated that their activities were not only making the sector unfriendly for genuine foreign investors but denying the nation huge incomes.

Alake disclosed that the Federal  Government was “identifying”  the errant miners through kinetic and non-kinetic approaches to make areas with huge solid minerals secure for those interested in investing in the sector.

During the budget defence, he said:  “One discovery that we have made is that a lot of these insecurities, especially  banditry associated with this sector are sponsored by illegal miners.

“These are not your artisanal miners. They are not the people who pick gold on the ground. These are heavy and powerful individuals in our country. They are Nigerians and not foreigners.

“You can see foreigners as symptoms,  but they are not the basics. Nigerians are the powers behind those foreigners that you see on the streets. We are identifying them and employing various strategies,  both kinetic and non-kinetic.

“The non-kinetic with that artisanal miners, I gave them an ultimatum that they should form themselves into cooperatives because every Nigerian has a right to life and necessities and if the government cannot provide these necessities, we cannot push them into the bush.”

Alake went on to disclose that the ministry encouraged small-scale miners to form cooperative societies, adding that as of the last count, about 50 had come into existence.