Powerful individuals fund banditry, terrorism – Solid Minerals Minister Alake

Alake made these allegations during his appearance before the House of Representatives Committee on Solid Minerals on Tuesday, December 12, 2023, as part of the 2024 budget defense.

He stated that the illicit activities of these powerful individuals were funding criminal activities rather than contributing to the nation's economic growth.

According to the minister, these clandestine backers are not mere foot soldiers picking gold from the ground but influential figures within the country.

He stated that the majority of illegal miners were not foreigners but insisted that foreigners involved could be considered as symptoms of the larger issue.

"We are identifying them with both kinetic and non-kinetic means," Alake asserted, highlighting ongoing efforts to combat the issue.

He revealed that the ministry has been encouraging small-scale illegal miners to form cooperatives, noting the need for a formal structure to regulate mining activities, akin to the Nigeria National Petroleum Company Ltd.

Expressing concern about the lack of proper immigration status for many foreigners engaged in illegal mining, the minister stressed the necessity for a structured approach to maximise revenue generation.

Alake outlined his vision for the Nigeria Mining Cooperation, which would be primarily driven by the private sector, with Nigeria also holding equity to prevent future disruptions.

Alake underscored the vast potential of Nigeria's mineral deposits, estimating a conservative value of over $700 billion.

He lamented that the country had only accessed a fraction of its mineral wealth and urged the committee to support the proposed budget for 2024.

"If we are given that amount of money, I can tell you that what the ministry will contribute will outweigh other ministries, including what we are deriving from oil. We can return trillions to the coffers of this country as revenue if we are given such a budget as proposed," he asserted.

Highlighting the importance of engaging mining communities to maintain law and order, Alake called for the committee's support in creating a conducive operating environment for investors.

Responding to these concerns, Rep. Gaza Gbefwi, the chairman of the committee, acknowledged the crucial role of the solid minerals sector in diversifying the economy but expressed dissatisfaction with the allocated funds in the 2024 budget.

Gbefwi assured that the committee was taking proactive steps, including motions and bills, to strengthen and reorganise the sector, recognising it as the country's last hope for achieving economic diversity.