ABUJA (Precise Post) – Nigeria’s Minister of Solid Minerals Development, Dele Alake has, in his recent meeting with the British Deputy High Commissioner to Nigeria, His Excellency Jonny Baxter, revealed that the Nigeria Solid Minerals Corporation will be established with the backing of the Ministry of Finance Incorporation (MOFI).
Disclosing this when he took to his X account handle on Monday, Alake said the structure of the new corporation will follow the successful model of the Nigeria Liquefied Natural Gas (NLNG) project, aiming to create a self-sustaining, non-politicized entity in the country’s mining sector.
The Minister emphasized that the Solid Minerals Corporation is set to be a lasting legacy, one that future administrations will not be able to influence politically. He shared that President Muhammadu Buhari has approved the initiative, which will feature a unique ownership structure with 50% equity allocated to the private sector, 25% reserved for Nigerians, and the remaining 25% for the Federal Government.
Looking ahead to 2025, the Minister outlined key strategies to make Nigeria’s mining sector more competitive and globally recognized. These include improving access to mining sites through an intermodal transport plan involving roads, rail, and waterways along mining corridors. The government is also focused on strengthening the regulatory framework, remediating abandoned mining pits for productive use, and expanding exploration efforts to generate geo-data that will attract major international investors.
“This year marks a pivotal point in our administration’s efforts to drive reforms across various sectors,” the Minister stated. “Positive trends are already emerging in the economy, and we are on the path to prosperity.”
The establishment of the Nigeria Solid Minerals Corporation marks a significant step in the government’s push to unlock the full potential of Nigeria’s vast mineral resources, aiming to make the country a major player in the global mining industry.
Nigeria’s Solid Minerals Corporation to Be Established with Private Sector Stake, Says Minister
In a recent meeting with the British Deputy High Commissioner to Nigeria, His Excellency Jonny Baxter, Nigeria’s Minister of Solid Minerals Development revealed that the Nigeria Solid Minerals Corporation will be established with the backing of the Ministry of Finance Incorporation (MOFI). The structure of the new corporation will follow the successful model of the Nigeria Liquefied Natural Gas (NLNG) project, aiming to create a self-sustaining, non-politicized entity in the country’s mining sector.
The Minister emphasized that the Solid Minerals Corporation is set to be a lasting legacy, one that future administrations will not be able to influence politically. He shared that President Muhammadu Buhari has approved the initiative, which will feature a unique ownership structure with 50% equity allocated to the private sector, 25% reserved for Nigerians, and the remaining 25% for the Federal Government.
Looking ahead to 2025, the Minister outlined key strategies to make Nigeria’s mining sector more competitive and globally recognized. These include improving access to mining sites through an intermodal transport plan involving roads, rail, and waterways along mining corridors. The government is also focused on strengthening the regulatory framework, remediating abandoned mining pits for productive use, and expanding exploration efforts to generate geo-data that will attract major international investors.
“This year marks a pivotal point in our administration’s efforts to drive reforms across various sectors,” the Minister stated. “Positive trends are already emerging in the economy, and we are on the path to prosperity.”
The establishment of the Nigeria Solid Minerals Corporation marks a significant step in the government’s push to unlock the full potential of Nigeria’s vast mineral resources, aiming to make the country a major player in the global mining industry.
Nigeria’s Solid Minerals Corporation to Be Established with Private Sector Stake, Says Minister
In a recent meeting with the British Deputy High Commissioner to Nigeria, His Excellency Jonny Baxter, Nigeria’s Minister of Solid Minerals Development revealed that the Nigeria Solid Minerals Corporation will be established with the backing of the Ministry of Finance Incorporation (MOFI). The structure of the new corporation will follow the successful model of the Nigeria Liquefied Natural Gas (NLNG) project, aiming to create a self-sustaining, non-politicized entity in the country’s mining sector.
The Minister emphasized that the Solid Minerals Corporation is set to be a lasting legacy, one that future administrations will not be able to influence politically. He shared that President Muhammadu Buhari has approved the initiative, which will feature a unique ownership structure with 50% equity allocated to the private sector, 25% reserved for Nigerians, and the remaining 25% for the Federal Government.
Looking ahead to 2025, the Minister outlined key strategies to make Nigeria’s mining sector more competitive and globally recognized. These include improving access to mining sites through an intermodal transport plan involving roads, rail, and waterways along mining corridors. The government is also focused on strengthening the regulatory framework, remediating abandoned mining pits for productive use, and expanding exploration efforts to generate geo-data that will attract major international investors.
“This year marks a pivotal point in our administration’s efforts to drive reforms across various sectors,” the Minister stated. “Positive trends are already emerging in the economy, and we are on the path to prosperity.”
The establishment of the Nigeria Solid Minerals Corporation marks a significant step in the government’s push to unlock the full potential of Nigeria’s vast mineral resources, aiming to make the country a major player in the global mining industry.
