The Nigerian federal government plans to set up a new mining corporation, the Nigeria Solid Minerals Corporation, to enhance the mining sector’s growth. This announcement was made by Segun Tomori, the Special Assistant on Media to the Minister of Solid Minerals Development, Dele Alake, during an XSpace discussion.

The corporation will be managed by the Ministry of Finance Incorporated (MOFI) and is expected to launch soon. It aims to serve as a specialized vehicle focused on advancing Nigeria’s mining industry, allowing Nigerians to hold equity in the corporation.

Equity distribution will aim to balance public and private interests: the federal government and citizens will each hold 25% while the private sector will own the remaining 50%. This structure is designed to minimise government interference and ensure sustainability beyond current administrations.

In parallel, Minister Alake has proposed establishing a mining development bank to assist in providing long-term financing for the sector. He urged mining company CEOs to lead this initiative, which aims to reduce government involvement and enhance the sustainability of the sector.

Furthermore, the government is working on removing obstacles that hinder business operations in the mining industry, fostering a better investment climate in Nigeria.

The establishment of the Nigeria Solid Minerals Corporation marks a significant step towards revitalising Nigeria’s mining industry by encouraging private sector participation and equity distribution. The proposal for a mining development bank further aims to sustain industry growth while reducing government involvement. Overall, these initiatives indicate a strategic effort to create a conducive environment for investment in Nigeria’s mining sector.

Original Source: www.tv360nigeria.com

The post Nigeria to Establish Solid Minerals Corporation to Boost Mining Sector first appeared on Nigerian Mining News.

The ongoing conflict between the Osun State Government (OSG) and Segilola Resources Operating Limited (SROL) highlights serious concerns regarding the misuse of state power. Despite SROL’s achievements in establishing Nigeria’s first commercial gold mine and contributing to the economy, the OSG has launched unfounded public accusations that jeopardise SROL’s reputation and investor confidence. Key tactics employed include manipulating the judiciary, misusing media to spread misinformation, and failing to engage in constructive dialogues regarding tax disputes. The OSG’s actions have raised eyebrows, particularly regarding their use of a magistrate court for complex corporate disputes, highlighting a departure from standard legal practices. The accusations of tax evasion and environmental degradation against SROL lack credible backing and distract from valid concerns within the broader mining context. Moreover, the contradictory claims about OSG’s shareholding in SROL further illustrate a troubling trend of undermining profitable ventures that could benefit Osun State’s economy. The intercession of the Federal Government establishes an urgent need for mediating the OSG-SROL conflict; however, the OSG persists with new allegations, raising doubts about their integrity. This ongoing saga poses a risk not only to SROL’s future but also to Nigeria’s potential as a key player in the global mining market, necessitating a shift in OSG’s approach to foster long-term economic stability and attract foreign investment.

Nigeria is richly endowed with over 44 types of solid minerals that could significantly enhance economic growth if managed responsibly. Segilola Resources Operating Limited (SROL) has made strides in the mining sector by establishing Nigeria’s first commercial gold mine, generating international interest and showcasing the potential for ethical, productive mining operations. However, the Osun State Government’s actions against SROL raise serious concerns regarding the governance and stability of business operations in the state.

In conclusion, the OSG’s current approach risks significant harm to both SROL’s viability and Osun State’s economic prospects. Investors prioritise stability and transparency, and the OSG’s tactics threaten to undermine Nigeria’s aspirations as a competitive mining destination. It’s imperative for the OSG to engage in productive dialogues, focusing on long-term benefits for the local economy over politically motivated strategies.

Original Source: www.thisdaylive.com

The post The OSG’s Misuse of Power Against Segilola Resources: A Threat to Nigeria’s Mining Future first appeared on Nigerian Mining News.

At the International Mining and Resources Conference (IMARC) in Sydney, Australia, Honourable Minister for Steel Development, Prince Shuaibu Abubakar Audu, has urged global investors to consider Nigeria as a prime location for investment in the steel and metals sector. He presented the potential of Nigeria’s metallurgical industry and its offerings under President Bola Ahmed Tinubu’s Renewed Hope Agenda, emphasising the strategic advantages of locating investments in Nigeria. The Minister, alongside his team from the Ministry of Steel Development, including Permanent Secretary Dr. Chris Osa Isokpunwu, is engaging with Australian officials and industry leaders to secure funding for the steel sector. Prince Audu noted Nigeria’s historical establishment of a ministry dedicated solely to steel development and its recent steps towards industrialisation aimed at enhancing the country’s GDP. He underlined Nigeria’s abundant raw material resources like iron ore, coal, and limestone, and the country’s strategic position within Africa, which offers market access. Initiatives supporting investment, such as tax holidays and zero-duty incentives for imported machinery in the sector, were also highlighted, with the Minister inviting foreign partners to collaborate with Nigeria in realising these opportunities and fostering sustainable development.

This article discusses Nigeria’s strategy to attract foreign investment in the steel and metals sector through the participation of its Steel Development Minister at the IMARC conference. The focus on industrialisation, resource availability, and investment incentives illustrates the Nigerian government’s efforts to enhance economic growth and position the country as a leading investment destination in Africa. The establishment of the Ministry of Steel Development represents a significant shift in the Nigerian government’s approach towards industrial policy and collaboration with global investors, aimed at transforming the steel sector and leveraging the country’s vast resource base.

The Nigerian government, through the Minister of Steel Development, is keenly seeking to position the country as a top investment destination in Africa’s steel and metals sector. Armed with advantageous policies, an abundance of natural resources, and a focus on creating a conducive environment for foreign investment, Nigeria is eager to partner with global players to unlock its vast potential in the metallurgy field.

Original Source: nta.ng

The post Minister of Steel Development Encourages Foreign Investment in Nigeria’s Steel Sector at IMARC first appeared on Nigerian Mining News.