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The Minister of Solid Minerals Development, Dr. Oladele Alake, has reiterated President Bola Ahmed Tinubu's commitment to shifting the nation's economic focus to solid minerals as global oil reserves decline.
He announced the launch of the Nigerian Minerals Resource Decision Support System (NMRDSS) to enhance technological communication and accessibility in the mining sector.
Alake emphasized the administration's goal to significantly boost the solid mineral sector's contribution to Nigeria's gross domestic product, surpassing the current contribution of oil revenue.
He also highlighted the global trend of declining oil reserves and the increasing importance of minerals, expressing optimism that Nigeria's policy initiatives will yield positive results in the near future, aligning with the Renewed Hope Agenda of the President.
The Nigerian Minerals Resource Decision Support System (NMRDSS) was unveiled by the minister, who emphasized the country's need to shift its focus from oil to solid minerals and from reliance on fossil oil to reliance on solid minerals.
The minister acknowledged the challenges faced by investors and industry players in accessing adequate information on the sector, leading to the development of the platform to improve technological communication and accessibility in the mining sector.
Once fully operational, the platform is expected to reduce the cost of investment research and provide comprehensive information to guide prospective investors in making well-informed decisions.
Previously, prospective investors had to physically travel to Nigeria to gather data on geology, hydrology, and urban geography of the mining business. However, with the NMRDSS, this information is readily available online, eliminating the need for expensive travel and lodging costs.
The significance of this software in simplifying business operations in the mining sector is evident.
It also addresses common concerns of investors, such as availability of labor, access to water sources for processing, and transportation infrastructure for hauling materials. Various stakeholders in the sector attended the unveiling ceremony.
