Solid Minerals Corporation Set to Boost Nigeria’s Economy
The Federal Government of Nigeria is in the process of establishing the Nigerian Solid Minerals Corporation with the aim of exploiting the potential of the country’s mineral resources. Dele Alake, the Minister of Solid Minerals, disclosed the government’s intention to replicate the success of the Nigerian National Petroleum Company (NNPC) Limited in the solid minerals sector.
In a press conference held in Abuja, Minister Alake underscored the government’s resolve to harness the trillion-dollar worth of minerals located beneath Nigeria’s surface. He underscored the importance of the mining industry and emphasized the necessity for Nigeria to create a corporate entity to lead its strategic positioning in the sector.
The proposed Nigerian Solid Minerals Corporation is set to oversee subsidiaries operating in seven priority areas, including gold, coal, limestone, bitumen, lead, iron-ore, and baryte. Furthermore, existing enterprises like the National Iron-Ore Company and ongoing initiatives such as the Bitumen Concessioning Programme will be restructured to align with the new corporate body.
Minister Alake also revealed the government’s plan to seek partnership investment agreements with multinational companies to strengthen the mining sector with foreign direct investment. The corporation aims to provide assistance to local entrepreneurs seeking funding abroad and to facilitate investments in mining through the establishment of a Fund with mutually agreed interest rates.
In pursuit of its ambitious objectives, the Ministry of Solid Minerals targets a 50% contribution to the country’s gross domestic product (GDP) from solid minerals. Additionally, the government is taking measures to combat illicit mining and smuggling by introducing a security task force and mines police.
Minister Alake issued a firm warning to individuals involved in illegal mining activities, granting them a 30-day grace period to join a miners’ co-operative or seek an alternative occupation. After the expiration of the grace period, the full force of the law will be enforced against those found engaging in unauthorized mining activities.
The Ministry intends to communicate this message in local languages across the country through radio broadcasts to ensure widespread awareness and compliance with the directive.
The establishment of the Nigerian Solid Minerals Corporation signifies the government’s dedication to rejuvenating the mining sector and leveraging the country’s abundant mineral resources for economic growth and development.
As Nigeria embarks on the journey to establish a solid minerals corporation, the potential for growth and development in the mining sector appears promising. The government’s efforts to attract foreign direct investment and provide support to local entrepreneurs are pivotal steps towards realizing the full potential of Nigeria’s solid minerals industry.
