Minister seeks more funds to de-risk mining in Nigeria

The Minister of Mines and Steel Development, Arch Olamilekan Adegbite, has said they need more funds for mineral exploration to de-risk the mining sector and make accurate data on minerals available to attract investors in Nigeria.

Arch Adegbite disclosed this Friday shortly after he received the second batch report on the National Integrated Minerals Exploration Programme (NIMEP) from two companies.

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He said the $50m (N15bn) allocated to the ministry by President Muhammadu Buhari for exploration was spent judiciously by five companies.

Adegbite said the extra funds were needed for exploration, as 133 prospective minerals comprising lead, zinc and silver areas had been identified in the Benue trough.