Dr Dele Alake announced the establishment of the Nigeria Solid Minerals Corporation to transform the mining sector with a strong funding model. The corporation aims for sustainable development free from political interference, enhancing Nigeria’s global competitiveness in mining. International partnerships are key for capacity building and investment attraction.
Dr Dele Alake, the Minister of Solid Minerals Development, announced that the Nigeria Solid Minerals Corporation will revolutionise the mining sector in Nigeria and ensure sustainable development. This initiative is backed by 50% private sector equity, 25% from Nigerians, and 25% from the Federal Government.
During a meeting with British Deputy High Commissioner Jonny Baxter, Alake revealed that the corporation will be established under the Ministry of Finance Incorporation, following the model of Nigeria Liquefied Natural Gas. He asserted, “The Solid Minerals Corporation will be an enduring legacy. No future government will be able to exert any political interference.”
Alake articulated the government’s strategy to enhance competitiveness and global recognition for the mining sector by developing transport infrastructure, improving regulations, and remediating abandoned mining sites. He also encouraged British investors to seize opportunities in Nigeria’s mining industry, citing international support as crucial for ongoing reform efforts.
Ambassador Baxter expressed support for the initiative, commending the government’s approach and affirming the UK’s commitment to strengthening Nigeria’s regulatory framework and promoting investment. He remarked on the significance of Nigeria’s economic progress for global prosperity and promised continued cooperation in mining.
The establishment of the Nigeria Solid Minerals Corporation is a major initiative aimed at revitalising Nigeria’s mining sector through a robust funding model involving various stakeholders. The corporation is designed to provide a stable platform free from political influence, fostering sustainable growth and competitiveness in the sector. The government is keen to attract domestic and international investments while modernising the regulatory framework to enhance performance and efficiency.
The announcement of the Nigeria Solid Minerals Corporation represents a significant move towards transforming Nigeria’s mining sector. With a well-structured funding model and an emphasis on sustainable practices, the government aims to create an investor-friendly environment. International support, particularly from the UK, will play a crucial role in achieving these ambitious objectives and ensuring long-term growth.
Original Source: punchng.com