The Minister of Solid Minerals Development, Dele Alake, says the establishment of the Nigeria Solid Minerals Corporation will significantly transform the mining sector and lay the foundation for its sustainable development.
Alake said this while receiving the British Deputy High Commissioner to Nigeria, Jonny Baxter, in his office in Abuja on Monday, January 27, 2025:
Alake disclosed that initial set up of the new corporation will be driven by the Ministry of Finance Incorporation (MOFI), with the structure patterned after the Nigeria Liquefied Natural Gas (NLNG) model.
The minister stated: “The Solid Minerals Corporation will be an enduring legacy. No future government will be able to exert any political interference.
“The president has approved this, and we are looking at a 50% equity stake for the private sector, 25% for Nigerians, and 25% for the federal government.”
Alake outlined the government’s plans to create a more competitive and globally recognised mining sector in 2025.
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“We are focused on improving access to mining sites through the development of intermodal transport along the mining corridor – including roads, rail, and waterways; strengthening the regulatory framework; remediating abandoned mining pits for productive use; ensuring investor security; and expanding exploration to generate comprehensive geo-data that will attract major players to the sector,” he added.
The minister also welcomed the support of the UK for capacity building, technical assistance, and knowledge transfer across the mining value chain while urging British investors to explore opportunities in Nigeria’s mining sector.
Describing 2025 as a pivotal year for Tinubu’s administration, Alake emphasised the ongoing efforts to drive reforms across various sectors, noting that the fruits of these efforts are beginning to manifest.
In his remarks, Baxter commended the federal government’s decision to model the new Solid Minerals Corporation after the NLNG, offering the UK’s support in strengthening Nigeria’s regulatory framework and attracting investment.
He added that Nigeria’s economic growth is vital for global prosperity and assured Alake of the UK’s commitment to enhancing bilateral cooperation in the mining sector.
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