The Minister of Mines and Steel Development, Mr Olamilekan Adegbite says the Federal Government invested $50m to generate data in the morning sector, even as it moves to automate the administration of the sector.
Adegbite who gave the information during a webinar held by the Securities and Exchange Commission and the Ministry said as part of the Nigerian Mineral Exploration Project, the Federal Government invested $50m on four specific minerals to create visibility, adding that the data would be released to the market and auctioned to interested investors.
He said government is modernising and automating the mineral title administration process at the Mining Cadastral office
He added that government has established a remote sensing centre at the ministry headquarters to identify areas where artisanal and small-scale mining occur.
The minister noted the biggest drawback to the Nigerian mining sector was capital, saying the capital market would potentially solve the problem with its low-cost, long-term financing nature as compared to banks, which he described as short-term funders.
Adegbite added that the government would establish mineral processing clusters across the six geopolitical zones.