The Minister of Solid Minerals Development, Dr. Dele Alake, has announced that the Nigeria Solid Minerals Corporation is set to transform the mining sector, fostering sustainable development and shielding it from political interference.
Speaking on Monday during a meeting with the British Deputy High Commissioner, HE Jonny Baxter, in Abuja, Alake revealed that the corporation will be modeled after the Nigeria Liquefied Natural Gas (NLNG) framework. He emphasized that the Ministry of Finance Incorporated (MOFI) will lead the corporation’s establishment, with an equity structure allocating 50% to private investors, 25% to Nigerians, and 25% to the Federal Government.
“This corporation will serve as an enduring legacy. With the President’s approval, it ensures that no future government can interfere politically with its operations,” Alake stated.
Plans for 2025 and Beyond
The Minister highlighted plans to develop intermodal transport systems, including roads, railways, and waterways, to improve access to mining sites. Additional initiatives include remediating abandoned pits, strengthening regulations, ensuring investor security, and expanding exploration efforts to produce comprehensive geo-data that will attract global mining investors.
UK Partnership
Dr. Alake welcomed the UK’s support in providing capacity building, technical assistance, and knowledge transfer to bolster Nigeria’s mining value chain. He also encouraged British investors to explore opportunities in the growing sector.
In response, Ambassador Baxter praised the Federal Government for adopting the NLNG model and reaffirmed the UK’s commitment to enhancing Nigeria’s mining sector through regulatory improvements and increased investment.
Economic Reforms Underway
Dr. Alake described 2025 as a pivotal year for the Tinubu administration, emphasizing that the government’s ongoing reforms are already yielding positive economic results. “Prosperity is on the horizon, and we are encouraged by the progress being made,” he added.
This initiative reflects the administration’s commitment to diversifying the economy and making the mining sector a significant contributor to Nigeria’s economic growth.
