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FG to Establish Nigeria Solid Minerals Corporation to Boost Mining Sector – Minister
The Minister of Solid Minerals Development, Dr. Dele Alake, has reaffirmed the government’s commitment to transforming Nigeria’s solid minerals sector through the establishment of the Nigeria Solid Minerals Corporation.
Dr. Alake made this announcement during a courtesy visit by the British Deputy High Commissioner to Nigeria, HE Jonny Baxter, at the Ministry’s headquarters in Abuja.
A Game-Changer for the Mining Industry
In a statement signed by his Special Assistant on Media, Segun Tomori, the Minister emphasized that the corporation will play a crucial role in:
- Enhancing value addition in the mining industry.
- Attracting foreign direct investments (FDI).
- Creating jobs and boosting Nigeria’s Gross Domestic Product (GDP).
- Curbing solid minerals theft.
- Driving economic prosperity.
“The Nigeria Solid Minerals Corporation will significantly transform the mining sector and lay the foundation for its sustainable development,” the statement read.
Dr. Alake revealed that the corporation’s initial setup would be driven by the Ministry of Finance Incorporated (MOFI) and modeled after the Nigeria Liquefied Natural Gas (NLNG) structure.
Ownership Structure:
- 50% equity stake for the private sector.
- 25% stake for Nigerians.
- 25% stake for the Federal Government.
“This will be an enduring legacy. No future government will be able to exert political interference. The President has approved this structure,” Dr. Alake emphasized.
Key Reforms to Strengthen Nigeria’s Mining Industry
Dr. Alake outlined the government’s roadmap to make Nigeria’s mining sector globally competitive, which includes:
✅ Development of intermodal transport systems (roads, rail, and waterways) to improve access to mining sites.
✅ Strengthening regulatory frameworks to enhance transparency and investor confidence.
✅ Remediation of abandoned mining pits for productive use.
✅ Expanding exploration activities to generate comprehensive geological data and attract major industry players.
He stressed that 2025 will be a pivotal year for the Tinubu administration, with ongoing reforms already yielding positive economic results.
“We are encouraged by the support of our international partners for the difficult but necessary reforms undertaken by this administration. We are already seeing positive trends in the economy, and prosperity is within reach,” Alake stated.
UK Backs Nigeria’s Mining Reforms
Ambassador Jonny Baxter praised the Federal Government’s decision to model the new Nigeria Solid Minerals Corporation after the NLNG, pledging continued UK support in the form of:
- Capacity building.
- Technical assistance.
- Knowledge transfer across the mining value chain.
He emphasized the global significance of Nigeria’s economic growth, stating:
“The economic growth of Nigeria is vital for global prosperity.”
The British Deputy High Commissioner was accompanied by:
- Tom Burge, Political Counsellor.
- Wale Adebajo, Senior Political Adviser.