Despite Existence of Nat’l Geodata Centre, Alake Seeks ₦200bn for Mining Data Gathering

The Minister of Solid Minerals Development, Dele Alake, announced that he had sought a ₦200 billion budget to create “big data” in the mining sector to attract foreign direct investment into Nigeria.

This was disclosed in Abuja at the first-day presentation of the Ministerial Sectoral Update on President Bola Tinubu’s scorecard performance, which was set up to inform the public about the administration’s achievement as it marks one year in office.

Alake also announced that a mining company had been set up for the government, but according to him, the private sector would receive most of the equity stake.

While giving his presentation, Alake mentioned that part of the Ministry of Solid Minerals’ seven-point agenda is gathering “big data” to attract foreign investors to the mining sector.

According to the minister, the “big data” gathering process will cost ₦200 billion.

One of the critical items of my seven-point agenda is ‘big data’…If you are serious about attracting investment into the solid mineral sector, you must have efficient data that investors can use to make an informed investment decision,” he said.

Meanwhile, a 2023 report titled Nigerian Mining Sector Watch by KPMG, in which the report revealed how the Federal Government launched a National Geological Data Centre.

In the report, an excerpt read:

In fulfilment of the Federal Government’s promise made in 20213, 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 online access to appropriate (reliable and up-to-date) geological reports and data about mineral reserves and 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.

Essentially, the provision for “big data” has been established by the Buhari-led administration.

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