By JKNewsMedia
THE ESTABLISHMENT of the Nigeria Solid Minerals Corporation is poised to significantly transform the country’s mining sector.
Minister of Solid Minerals Development, Dr. Dele Alake, revealed these plans during a meeting with the British Deputy High Commissioner to Nigeria, HE Jonny Baxter, at the Ministry’s office on Monday.
Alake explained that the corporation’s setup will be managed by the Ministry of Finance Incorporation (MOFI) and follow the structure of the Nigeria Liquefied Natural Gas (NLNG).
The aim is to create a sustainable, politically independent corporation, he said.
The Minister added that the private sector would hold 50% equity, while 25% would be allocated to Nigerians and 25% to the Federal Government.
Looking ahead to 2025, Alake shared key strategies to make Nigeria’s mining sector more competitive globally.
These include improving access to mining sites through enhanced transport networks and strengthening the regulatory framework.
Other initiatives include remediating abandoned mining sites for productive use, boosting investor security, and expanding geo-data collection to attract international players.
Alake also welcomed continued UK support in technical assistance, knowledge transfer, and capacity building across Nigeria’s mining value chain.
He urged British investors to explore opportunities in the sector, emphasising that ongoing reforms are already beginning to bear fruit, contributing to the nation’s economic growth.
Ambassador Baxter expressed his approval of Nigeria’s plan to model the new corporation after the successful NLNG model and reaffirmed the UK’s commitment to helping Nigeria build a stronger mining industry.
He affirmed the importance of Nigeria’s economic growth for global prosperity, vowing continued support for investment attraction and regulatory improvements.
The meeting was attended by Tom Burge, Political Counsellor, and Wale Adebajo, Senior Political Adviser, with Segun Tomori, Special Assistant on Media, providing additional details.
