Nigeria’s Plan to Establish the Nigerian Solid Minerals Corporation

The Nigerian government has formally declared its intention to develop legislation to establish the Nigerian Solid Minerals Corporation, as announced by the Minister of Solid Minerals Development, Dr. Oladele Alake, at a recent mining conference organized by the Nigerian Institute of Policy and Strategic Studies (NIPSS). This initiative is currently being pursued through the House Committee on Solid Minerals Development in the National Assembly.

Dr. Alake emphasized ongoing consultations to create a private sector-driven corporation, with a proposed structure involving 50% equity for the private sector, 25% for the public, and 25% for the federal government. The primary objective is to establish an efficient and independent corporation devoid of future government interference.

In addition, the Minister acknowledged the growing demand for the services of the newly established 2,220-man Mining Marshals by mining firms. Several firms have already sought the assistance of the rapid response corps, leading to the apprehension of culprits engaged in illegal mining activities. According to the Minister, the Marshals play a vital role in the government’s strategy to combat illegal mining.

Dr. Alake also discussed the government’s efforts to obtain comprehensive data on mineral deposits countrywide, such as conducting an aeromagnetic survey in collaboration with the World Bank and partnering with international agencies to generate detailed geological data to attract global investors to Nigeria’s mining sector.

Furthermore, the Minister highlighted key achievements in the mining sector, including the implementation of the Seven-Point Agenda to enhance the industry’s performance. Global mining company Glencore has expressed interest in Nigeria’s mining sector, indicating positive results from efforts to market the industry. Additionally, advocacy for value addition in the mining sector led to Dr. Alake being elected as chairman of the African Minerals Strategy Group (AMSG).

In conclusion, Dr. Alake urged the Nigerian Institute of Policy and Strategic Studies to utilize the summit as an opportunity to provide recommendations that would support the sustainable development of the mining sector.

The announcement of the Nigerian Solid Minerals Corporation marks a significant advancement towards bolstering the mining industry and attracting international investment. With strategic planning and collaboration, Nigeria is positioning itself to become a key global mining destination. As developments progress, the impact of these initiatives on the country’s economic diversification efforts will be closely observed.