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.

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The Nigerian federal government has reported that international investors are showing interest in the country’s lithium sector. Segun Tomori, special assistant to Minister Dele Alake, stated during a recent XSpace event that lithium’s significance lies in its use for electric vehicles, solar panels, and green technologies. As a result, many investors are drawn to it, outpacing interest in other minerals like gold, nickel, and cobalt.

Tomori noted that Nigeria has already inaugurated two lithium factories, with additional ones set to open soon, including a new facility in Abuja. He emphasised the growing international mining industry’s focus on lithium, vital for solar panel and electric vehicle production, essential for green energy initiatives. The government aims to create a favourable investment environment by streamlining investment processes and addressing security concerns.

The commitment to fully exploit Nigeria’s lithium potential is evident, especially in Nasarawa state, which is believed to hold significant reserves. Tomori commended the proactive approach of Nasarawa’s governor, Abdullahi Sule, in developing the mining sector. The governor has engaged in collaborations with private entities and has applied to operate as a limited liability company.

Additionally, Tomori revealed that Nasarawa has already commissioned two lithium factories, with more expected this year. However, he acknowledged that Nigeria’s mining sector still requires technical expertise from established mining nations. The minister is actively engaging with foreign parties to seek technical partnerships and capacity-building opportunities.

Despite existing challenges, there is confidence in Nigeria’s ability to leverage its lithium resources for economic growth.

Nigeria’s lithium sector is rapidly gaining international attention, resulting in the establishment of several factories. With strategic government initiatives, particularly in Nasarawa state, and collaborations with foreign countries, Nigeria aims to develop its mining capabilities and technical expertise. The commitment from both the government and local stakeholders is pivotal in capitalising on the country’s lithium potential, despite ongoing challenges.

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The Nigerian federal government will launch a television drama series entitled ‘Hidden Riches’ on January 25, 2025. Announced by the Minister of Solid Minerals Development, Dele Alake, the series aims to explore the intricate dynamics of Nigeria’s mining industry. It will focus on the potential economic transformation via mineral resources, addressing the interactions between miners, politicians, activists, and citizens. Directed by Bem Pever and Nwamaka Chikezie, the show will air weekly on NTA every Saturday from 8:05 pm to 8:30 pm. The narrative aims to inspire viewers to engage in building a more sustainable future through an understanding of their country’s mineral wealth.

This television series emerges as part of Nigeria’s broader initiative to diversify its economy beyond oil reliance. Mining presents significant potential for growth and development, which the government aims to capitalise on through storytelling that reveals the underlying complexities of the sector. By focusing on the relationships and conflicts within the mining community, the series intends to foster a deeper societal engagement with this critical industry.

‘Hidden Riches’ is positioned as a significant cultural project that blends entertainment with educational insights into Nigeria’s mining sector. Its weekly broadcasts aim to shine a light on both the challenges and opportunities present in mining, reflecting the government’s commitment to economic diversification and sustainable growth. By leveraging popular media, the initiative seeks to encourage public involvement in the sector’s development.

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The Nigerian federal government is launching a drama series focused on the mining sector, titled ‘Hidden Riches’, set to premiere on January 25, 2025. Minister of Solid Minerals Development, Dele Alake, described the series as an exploration of the complexities surrounding Nigeria’s mining industry, including its potential for economic transformation. Directed by Bem Pever and Nwamaka Chikezie, the show will air weekly on Saturdays at 8:05 pm on NTA’s Network Service.

The narrative follows the lives of miners, politicians, activists, and everyday Nigerians facing various challenges in tapping into the country’s mineral wealth. Alake emphasised that this initiative aligns with President Bola Tinubu’s strategy to diversify Nigeria’s economy and will foster public engagement towards a sustainable future. The series will feature actors such as Sydney Diala and Lara Owoeye-Wise.

Nigeria’s mining sector is seen as a vital area for economic growth and development, yet it remains untouched due to many complexities including political dynamics and resource management. The government’s initiative to produce a television series aims to raise awareness of these issues while highlighting the industry’s potential. Such projects may reflect broader economic goals, particularly in diversifying Nigeria’s economic base, reducing reliance on oil, and promoting resource management against the backdrop of ongoing challenges in the sector.

The premiere of ‘Hidden Riches’ serves as a strategic move by the Nigerian government to shine a light on the mining sector’s potential while encouraging civic engagement. By showcasing the intricate relationships and dynamics within the industry, the series aims to stimulate interest and discussion around the sustainable development of Nigeria’s mineral resources, fitting into the larger agenda of economic diversification under President Tinubu.

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Dele Alake, Nigeria’s Minister of Solid Minerals Development, has urged mining companies to spearhead the creation of mining development banks. Speaking at a CEO roundtable during Nigeria’s 2024 Mining Week, he stressed the importance of a private-sector-driven initiative to reduce government involvement, ensure sustainability, and facilitate long-term financing for the industry. Alake reassured CEOs of the government’s commitment to removing operational obstacles and enhancing investment opportunities in the sector.

Alake reaffirmed the federal government’s position against state-level interference in mining, stating that mining falls under exclusive legislative authority. He encouraged states to actively engage in local mining initiatives by applying for mining licences and operating as limited liability companies. Alake noted the successful adoption of this framework by several states, resulting in approved licences for compliant applicants.

To enhance investment conditions, the minister highlighted plans for a mining infrastructure corridor, with inter-ministerial collaboration already initiated. He urged ongoing cooperation from mining executives to support reforms, including a review of the sector’s rates regime. Alake expressed confidence in the necessity of these changes for fostering a sustainable mining environment in Nigeria.

The establishment of mining development banks in Nigeria is part of an initiative to revitalize the mining sector and promote private sector involvement. The Nigerian government recognises the importance of reducing bureaucratic obstacles and encouraging sustainable investment. By outlining a clear role for mining companies, the government aims to create a productive context for growth within the industry while addressing concerns about state interference in mining operations.

Minister Dele Alake’s call for mining companies to establish development banks reflects Nigeria’s strategy to foster sustainable growth in the mining sector through private sector engagement. The government’s commitment to removing operational barriers and preventing state interference aims to attract investment and enhance the overall framework for the industry. This initiative, along with plans for a mining infrastructure corridor, seeks to create a conducive environment that supports long-term development and resilience in Nigeria’s mining landscape.

Original Source: www.thecable.ng

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