Alake Seeks More Budgetary Allocation For Solid Minerals Ministry

By Adedapo Adesanya

The Minister of Solid Minerals, Mr Dele Alake, has asked for increased budgetary support to the ministry towards bolstering Nigeria’s economy through its vast solid minerals resources.

Mr Alake hinted at this while speaking at a meeting with the Senate Committee on Solid Minerals, led by its Chairman, Mr Ekong Sampson, who emphasised that the solid minerals sector could play a pivotal role in driving revenue growth and long-term economic sustainability.

The meeting, held at the Ministry’s headquarters in Abuja, focused on the need for a more strategic allocation of funds to the sector, which has the potential to contribute substantially to Nigeria’s non-oil revenue.

The Minister also outlined plans for leveraging Nigeria’s mineral wealth to create jobs, attract investment, and enhance the country’s overall economic stability.

In a related development, the Minister also held talks with Mr Salem Shaeed Al Shamsi, the United Arab Emirates Ambassador to Nigeria, on strengthening trade relations, specifically in the solid minerals sector.

A key issue raised during the meeting was the illegal gold trade, with much of Nigeria’s gold currently being smuggled to the UAE.

Mr Alake proposed that both nations collaborate to combat this illicit trade by creating a regulatory framework that would formalize the gold trade, ensuring its legality and transparency.

He stressed that such collaboration would benefit both Nigeria and the UAE, promoting legitimate commerce and fostering investment in the mining sector.

As part of the discussions, the two parties agreed to establish a technical committee to explore ways to deepen cooperation, particularly in the areas of technology transfer and legal trade practices.

“The goal is to enhance Nigeria’s mining sector, reduce illegal activities, and create a more sustainable and profitable industry for both countries. Working together to combat illegal trade and create a regulatory framework to legitimize this commerce, will benefit both nations.

“Nigeria boasts a wealth of valuable minerals, and I believe that by partnering with the UAE, we can enhance our mining sector through technology transfer and more legitimate trade practices,” Mr Alake said.