Dr Dele Alake announced the Nigeria Solid Minerals Corporation will transform the mining sector with a sustainable funding model—50% private equity, 25% from Nigerians, and 25% from the government. Plans include enhancing accessibility, remediating sites, and bolstering regulations. The UK supports these reforms, recognising Nigeria’s economic potential.
Dr Dele Alake, the Minister of Solid Minerals Development, has announced that the Nigeria Solid Minerals Corporation will overhaul the mining sector, promoting sustainable development. Funded primarily through a 50% private sector equity, along with 25% from Nigerians and 25% from the Federal Government, this initiative aims to ensure the sector’s growth without political interference.
During a meeting with British Deputy High Commissioner Jonny Baxter, Alake outlined plans for a competitive mining industry, enhancing access to mining sites via improved transport systems and regulatory frameworks. He also highlighted the intention to remediate abandoned mines, protect investors, and expand exploration to draw significant players into the market.
Emphasising 2025 as a crucial year, Alake welcomed international support for Nigeria’s reform efforts. He noted positive economic indicators stemming from these changes and expressed optimism for future prosperity. Ambassador Baxter appreciated the model based on Nigeria Liquefied Natural Gas (NLNG) and assured continued UK support in strengthening Nigeria’s mining regulations and investment climate.
The establishment of the Nigeria Solid Minerals Corporation aims to restructure Nigeria’s mining sector, enhancing its sustainability and competitiveness. The funding model involves significant contributions from private sectors, national stakeholders, and the government, ensuring a balanced and collaborative approach to mining sector reforms. The initiative is set to prevent political interference and enhance investor confidence, setting a precedent for future governmental projects.
The formation of the Nigeria Solid Minerals Corporation is a strategic move towards modernising the mining sector, enabling private sector engagement and fostering sustainable practices. With strong backing from the government and international partners like the UK, the initiative seeks to improve operations, attract investment, and enhance Nigeria’s economic landscape in the coming years.
Original Source: punchng.com