Economy
THE Senate and House of Representatives Committees on Solid Minerals Development have called for increased funding for the sector to unlock its vast economic potential and accelerate Nigeria’s diversification agenda.
The lawmakers made the call on Friday in Abuja at the opening of a two-day ministerial retreat organised by the Ministry of Solid Minerals Development.
The retreat, themed “Accelerating Solid Minerals Sector Transformation: Delivering on Ministerial Mandate Through the Seven Priority Areas,” brought together key stakeholders to review progress and chart a path for sustainable sector growth.
Chairman of the Senate Committee on Solid Minerals Development, Sen. Sampson Ekong, said adequate funding and stronger stakeholder collaboration were critical to accelerating reforms and harnessing the sector’s opportunities.
Ekong expressed concern over inadequate budgetary releases to the sector in spite of its enormous economic potential, emphasising that improved funding was necessary to translate reforms into tangible outcomes.
He urged the Federal Government to give greater priority to the solid minerals sector, noting that it remained central to efforts aimed at diversifying the nation’s economy.
The senator expressed confidence that the retreat would help identify policy gaps and strengthen strategies for responsible mining, value addition and sustainable development across the industry.
Similarly, Chairman of the House Committee on Solid Minerals Development, Rep. Jonathan Gbefwi, said inadequate funding remained a major challenge in spite of the progress recorded in the sector.
Gbefwi said the solid minerals sector had the capacity to rival the oil industry as a major source of government revenue if provided with the required financial support.
“If this sector receives the funding it requires, it can become one of Nigeria’s biggest sources of revenue,” he said.
He urged stakeholders to sustain ongoing reforms, describing the mining industry as critical to economic diversification amid declining oil revenues and the global transition to cleaner energy.
In his remarks, the Permanent Secretary of the ministry, Dr Faruk Yabo, described the retreat as a strategic leadership platform designed to align institutional vision and strengthen commitment to sectoral goals.
Yabo said the retreat was also aimed at accelerating the delivery of mandates under President Bola Tinubu’s Renewed Hope Agenda through improved coordination and performance.
He said the ministry would be guided by seven priority areas outlined by the Minister of Solid Minerals Development, Dr Dele Alake, to drive transformation in the sector.
According to him, the priorities include establishing the Nigerian Solid Minerals Corporation and developing strategic joint ventures with reputable international mining companies to attract investment.
Others include expanding geoscience data acquisition, creating a National Solid Minerals Database and formalising artisanal and small-scale miners into registered cooperatives across the country.
Yabo added that the ministry would reconstitute the Mines Surveillance Task Force and Mine Police, review mining licences and optimise the Mining Cadastre System for greater efficiency.
He said plans were also underway to establish six mineral processing centres nationwide to promote local value addition and reduce dependence on raw mineral exports.
According to him, the seven priority areas represent measurable national deliverables and would serve as key benchmarks for assessing the ministry’s performance and impact.
Speaking, the Minister of Solid Minerals Development, Dr Dele Alake, urged staff of the ministry and its agencies to consolidate gains recorded under the Seven Priority Areas initiative.
“I want to urge every one of us to introspect, reflect and come up with initiatives that will take us beyond those seven-point items in our agenda,” he said.
Alake said the ministry had recorded notable progress in reforms, investment promotion, mining security, digitisation, revenue generation and institutional strengthening over the past two years.
He, however, emphasised the need for greater emphasis on measurable outcomes and sustainable economic impact, describing the solid minerals sector as a key pillar of Nigeria’s diversification agenda.
The minister said Nigeria was determined to leverage its critical mineral resources to drive industrialisation, including local production of electric vehicle batteries and other high-value products.
Alake commended staff of the ministry and its agencies for their contributions to repositioning the sector and urged them to sustain efforts toward achieving long-term transformation goals.(NAN)
F.O
Tags: Increased funding NASS Committees solid minerals sector