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

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The Nigerian federal government has unveiled plans to establish a mining corporation, as announced by Segun Tomori, the media assistant to Minister of Solid Minerals Development, Dele Alake. This corporation will be overseen by the Ministry of Finance Incorporated (MOFI) and aims to be a private sector-driven initiative with projected equity distribution: 25% for Nigerians, 25% for the federal government, and 50% for private investors. This structure is designed to reduce government and political interference in the mining sector.

Minister Alake is also advocating for the creation of a mining development bank to provide long-term financing for the industry. In a recent address, he urged mining CEOs to lead the establishment of this bank, which aims to minimise government involvement and promote sustainable growth in the sector. The ongoing efforts by the federal government focus on removing barriers to enhance business operations and encourage viable investments in mining.

The Nigerian government is taking significant steps to boost the mining sector by launching a dedicated corporation and advocating for the establishment of a mining development bank. These initiatives aim to encourage private investment, reduce government intervention, and ensure sustainable growth within the industry.

Original Source: www.thecable.ng

The post Nigerian Government to Launch Mining Corporation and Development Bank first appeared on Nigerian Mining News.

The Minister of Solid Minerals Development, Dele Alake, outlined plans to establish the Nigeria Solid Minerals Corporation, designed after the Nigeria Liquefied Natural Gas (NLNG) model. This initiative, discussed during a meeting with UK Ambassador Jonny Baxter, aims to transform Nigeria’s mining sector and ensure sustainable development through private sector involvement and government equity. Alake stated that the corporation will minimise political interference, having received presidential approval for its establishment.

Alake emphasised the government’s strategy to enhance mining accessibility by developing transport infrastructure, improving the regulatory landscape, and securing investor interests. He highlighted 2025 as a crucial year for the administration’s reform efforts, with expectations of positive outcomes emerging from these initiatives. He also encouraged UK investment in Nigeria’s mining sector and welcomed British support in improving regulatory frameworks.

Ambassador Baxter praised the plans to model the new corporation after NLNG, affirming the UK’s commitment to fostering bilateral ties in the mining industry and supporting regulatory enhancements. He expressed that Nigeria’s economic progress is vital for global economic stability.

In related news, Senator Adams Oshiomhole accused retired military generals of being behind illegal mining activities in Nigeria, calling for decisive action from the government to combat this issue.

– Dele Alake stated that the Solid Minerals Corporation will be an enduring legacy, free from future political interference.
– He noted the importance of fostering investor security and expanding geological exploration within Nigeria’s mining sector.

The establishment of the Nigeria Solid Minerals Corporation reflects the government’s intention to innovate and improve the mining sector’s efficiency and global competitiveness. By mirroring the successful NLNG structure, the initiative aims to attract private investments while ensuring effective operational frameworks free from political interferences. Support from international partners like the UK highlights the global significance of Nigeria’s mineral resources in fostering economic growth.

The establishment of the Nigeria Solid Minerals Corporation represents a sizeable shift towards enhancing the mining industry. By investing in infrastructure, improving regulations, and involving international partners, Nigeria seeks to build a sustainable and profitable mining sector. This initiative, along with addressing illegal mining, aims to ensure long-term economic benefits and global recognition for Nigeria’s mineral wealth.

Original Source: www.legit.ng

The post Tinubu’s Government Plans Solid Minerals Corporation Modelled After NLNG first appeared on Nigerian Mining News.

Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, has proposed an equity distribution for the Nigeria Solid Minerals Corporation comprising 50% for the private sector, 25% for Nigerians, and 25% for the Federal Government. This plan has been approved by President Bola Tinubu and aims to enhance the sector’s development. Alake made this announcement during a meeting with the British Deputy High Commissioner to Nigeria, Jonny Baxter.

The proposed corporation will be managed by the Ministry of Finance Incorporated (MOFI) and follow the model of Nigeria Liquefied Natural Gas (NLNG). Alake expressed optimism that the Solid Minerals Corporation would set a precedent for political independence in the sector. The initiative also includes plans to improve transportation systems to mining sites using roads, rail, and waterways.

Looking towards 2025, Alake outlined government efforts to bolster Nigeria’s mining sector, including regulatory reforms and securing investor interests. Recent evaluations reveal that despite Nigeria’s vast mineral resources, the sector contributes less than 1% to the GDP due to issues like illegal practices and low investment.

Alake has also urged the National Assembly to reconsider the N9 billion budget allocation for mining, which he deems insufficient to realise the country’s mining potential. The committee has paused further budget screenings, inviting relevant ministers to discuss necessary funding increases to optimise the sector’s contributions to the economy.

The Nigeria Solid Minerals Corporation is a new initiative intended to enhance the mining sector’s contributions to the economy. Nigeria is currently the leading energy producer in Africa yet faces challenges in effectively utilising its mineral wealth, primarily due to inadequate incentives and environmental concerns. The Minister’s advocacy for a larger budget highlights the urgency to capitalise on these resources for economic development. Historically, Nigeria’s mining sector has underperformed, accounting for a mere fraction of the GDP despite its potential. The focus on 2025 as a transformative year indicates a strategic push to reposition the sector in a competitive global landscape, ensuring sustainable growth and investment viability.

Dr. Dele Alake’s proposal for the Nigeria Solid Minerals Corporation marks a significant step towards revitalising Nigeria’s mining sector. The equitable stake distribution aims to attract private investment while increasing local participation. Understanding the need for adequate budgetary allocations is crucial to unlocking the sector’s potential. Observations from the Minister indicate a long-term vision for sustainable growth and resistance to political interference.

Original Source: nairametrics.com

The post Nigeria’s Solid Minerals Corporation: A Shift Towards Private Investment first appeared on Nigerian Mining News.

The Minister of Solid Minerals Development, Dele Alake, has called on British investors to explore Nigeria’s mining sector during a meeting with Jonny Baxter, the British Deputy High Commissioner to Nigeria. He highlighted the Nigerian government’s openness to UK support in capacity building and technical assistance across the mining value chain.

Alake noted that President Bola Tinubu has approved the establishment of the Nigeria Solid Minerals Corporation, designed to transform the sector sustainably, with a structure similar to the Nigeria Liquefied Natural Gas (NLNG) model. The corporation will aim for a 50% equity stake for the private sector, 25% for Nigerians, and 25% for the Federal Government, ensuring its operations remain free from political interference.

The government aims for a competitive mining sector by 2025, enhancing economic growth through improved access to mining sites, regulatory framework upgrades, and environmental remediation. Alake expressed optimism about the administration’s reform efforts, highlighting this pivotal year as a time for positive trends and economic prosperity.

Baxter commended Nigeria’s approach to forming the new corporation and reaffirmed the UK’s support for strengthening Nigeria’s regulatory framework, underlining that Nigeria’s growth is vital for global prosperity and expressing commitment to enhancing bilateral cooperation in mining.

Nigeria possesses vast mineral resources, which play a vital role in its economic development. The government is seeking foreign investment, particularly from the UK, to enhance the mining sector’s capacity. The establishment of the Nigeria Solid Minerals Corporation is part of broader efforts to ensure sustainable development and attract significant players in the mining industry.

The Nigerian government is actively encouraging British investment in its mining sector, citing opportunities for collaboration in capacity building and technical assistance. The new Nigeria Solid Minerals Corporation is set to enhance investor security and create a competitive market, anticipated to contribute significantly to the nation’s economy by 2025.

Original Source: gazettengr.com

The post FG Invites British Investors to Capitalise on Nigeria’s Mining Opportunities first appeared on Nigerian Mining News.

The Minister of Solid Minerals Development, Dr Dele Alake, has stated that the Nigeria Solid Minerals Corporation will greatly impact the mining sector, forming a crucial part of President Bola Tinubu’s legacy. During a meeting with British Deputy High Commissioner Jonny Baxter, Alake indicated that the corporation’s establishment would be modelled on the Nigeria Liquefied Natural Gas (NLNG) framework, with initial setup led by the Ministry of Finance Incorporation (MOFI).

Alake described the Solid Minerals Corporation as an enduring legacy, stating that it would prevent future political interference. He revealed plans for a 50% equity stake for the private sector, 25% for Nigerians, and 25% for the federal government. He anticipates that by 2025, the mining sector will be more competitive on a global scale, focusing on improving access to mining sites and enhancing the regulatory framework.

Plans include developing intermodal transport to mining sites, remediating abandoned pits, ensuring investor security, and expanding geo-data exploration. Alake also welcomed UK support for skill-building and technical assistance, urging British investors to consider Nigeria’s mining opportunities. He highlighted the significance of 2025 for the Tinubu administration, noting positive economic trends and the government’s commitment to reform.

Ambassador Baxter expressed support for creating the Solid Minerals Corporation, praising its NLNG model. He highlighted Nigeria’s economic growth as vital for global progress and reaffirmed the UK’s commitment to enhancing cooperation in the mining sector, ensuring continued investment in Nigeria’s resources.

The article discusses the establishment of the Nigeria Solid Minerals Corporation under the leadership of Minister Dr Dele Alake. It outlines plans for a reinforced mining sector aimed at sustainable development and highlights the collaboration with the UK to bolster investment and regulatory frameworks in Nigeria’s mining industry. This initiative forms part of President Bola Tinubu’s broader economic reform agenda, with a target for significant transformation by 2025.

The establishment of the Nigeria Solid Minerals Corporation marks a pivotal step in revamping the mining sector, ensuring sustainable development and reducing political interference. With shared goals for growth, support from the UK, and a strategic model based on NLNG, the initiative is poised to attract investment and create a competitive mining landscape for Nigeria by 2025.

Original Source: blueprint.ng

The post Transforming Nigeria’s Mining Sector: The Solid Minerals Corporation Initiative first appeared on Nigerian Mining News.