Nigeria Plans to Launch State-Backed Solid Minerals Corporation to Boost Mining Sector
The Nigerian government is in the process of creating a new state-backed entity, the Nigerian Solid Minerals Corporation, with the aim of providing financial support to the country’s mining sector and overseeing its mineral resources. According to a recent report by Reuters, the corporation will primarily focus on the extraction of various minerals including gold, coal, iron ore, bitumen, lead, limestone, and baryte.
Dele Alake, Nigeria’s Solid Minerals Minister, emphasized that the proposed corporation will seek investment partnerships with prominent multinational companies on a global scale. The goal is to capitalize on the favorable investment climate in Nigeria and attract substantial foreign direct investment into the mining sector.
This initiative is part of Nigeria’s broader strategy to reduce its dependence on oil exploration and diversify its economy. Alake underscored that the Solid Minerals Ministry aims to significantly increase the sector’s contribution to the country’s gross domestic product (GDP) by at least 50%. This move highlights the government’s commitment to developing the mining industry in order to drive economic growth and create jobs.
Nigeria Info FM quoted Alake as saying, “Mining is a major enterprise with the potential to make a significant impact on Nigeria’s economy. It is imperative for Nigeria to establish a strong presence in the mining sector, similar to its strategic position in the petroleum industry, by setting up a corporate entity to operate in this field. Consequently, the ministry will work towards the incorporation of the Nigerian Solid Minerals Corporation, which will have subsidiaries focused on the immediate intervention and development of gold, coal, limestone, bitumen, lead, iron ore, and baryte.”
The plan involves integrating existing companies such as the National Iron-Ore Company and the Bitumen Concessioning Programme into the proposed corporation. This integration is expected to streamline operations and consolidate efforts to effectively harness Nigeria’s mineral resources and stimulate economic growth in the country.
The establishment of the Nigerian Solid Minerals Corporation holds immense potential for enhancing the country’s mining sector, attracting foreign investments, and ultimately contributing to the overall economic development of Nigeria.
In conclusion, the government’s initiative to launch the Nigerian Solid Minerals Corporation reflects its strong commitment to advance the mining industry and reduce reliance on the oil sector. The move is expected to position Nigeria as a key player in the global mining arena, and ultimately spur economic development and prosperity for the country and its people.
