Federal Govt Invests $50m To Explore Gold, Other Mineral Resources

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The federal government has announced about $50 million has been spent to explore gold, lithium and several other metals. This was made known by the Minister of Mines and Steel Development, Olamilekan Adegbite.

In an exclusive interview, Adegbite announced that over 44 minerals including gold, lithium, copper, cobalt, oxide, have been discovered.

Adegbite added that next  for the federal government is to select a few of those minerals and de-risk them for potential investors.

However, while maintaining that the mining sector is very important, the minister indicated that responsible mining and sustainability should be top priorities, adding that that mining, by its very nature, is disruptive and, consequently, the environmental impacts on communities should be limited.

Adegbite also emphasised the communal ownership of minerals, saying, the country’s government administers mining but grants its ownership to the community.

“You cannot do your mining without asking the consent of other people, no matter the value of what’s under their seat. I have to ask you in the first place that I want to mine there,” he pointed out.

In November, 2021, the federal government unveiled plans to revise its crucial mining law, the Nigeria Minerals and Mining Act (NMMA).

The amendments are seen as the finishing touch to five years of government measures to make mining a means of weaning the country off crude oil.



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