The Minister of Solid Minerals, Dele Alake, has suggested allocating N200 billion from the budget to a big data exploration initiative that currently exists.
He added that the big data project aims to draw international investors to Nigeria’s solid mineral sector, something that was not previously highlighted, as part of his seven-point plan.
The Minister’s support for a N200 billion budget for mining data collection is said to be puzzling, given that our geodata infrastructure is already well-established.
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In May 2023, the international consulting firm KPMG published a mining industry watch report titled “FG Launches the National Geodata Centre.”
The report states that “In fulfilment of the FG’s promise made in 2021 the minister of Mines and Steel Development recently unveiled the National Geodata Center (NGC), located at the Nigerian Geological Survey Agency (NGSA) with an arm at the National Steel Raw Material Exploration Agency (NSRMEA).
“The electronic data facility is expected to enhance the ease of online access to appropriate (reliable and up to date) geological reports and data about mineral reserves and/or deposits in the country.
“The facility, which can be viewed as an “electronic geodata bank” is aimed at boosting investment decisions, research, and the overall ease of doing mining business in the country.
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“This initiative is highly laudable, given that reliable geological data is the foundation of any mining investment. We commend the Ministry on achieving this feat. The NGC will no doubt increase the attractiveness of the Sector to both foreign and local investors, act as a driver for economic diversification, and assist in creating a globally competitive sector.
An existing study report that has already been released is displayed on the Nigerian Geological Survey Agency’s homepage.
To make investments in the industry, a strong mineral development fund has also been established. Without data, investing is impossible.
Dele Alake submitted budget of N200bn for big data.
Two hundred billion naira.
Guess what?
IT EXISTS ALREADY!!!! pic.twitter.com/klke665hXX
— Mo-Mo (@Morris_Monye) May 24, 2024
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