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

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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.

Original Source: www.thecable.ng

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Dele Alake, the Minister of Solid Minerals Development, has inaugurated a state-of-the-art mineral analysis laboratory operated by African Natural Resources and Mines Limited (ANRML) in Sabon-Wuse, Niger State. He highlighted the lab as a crucial asset for enhancing local value addition in Nigeria’s mining sector and reducing dependency on foreign testing facilities. Alake affirmed the lab’s alignment with the ministry’s seven-point agenda, aiming to reposition the sector and boost local capabilities in mineral testing.

The ANRML laboratory is claimed to be the first of its kind in Nigeria and is equipped to handle mineral samples that would have otherwise been sent abroad. Alake emphasized the significance of this development in establishing Nigeria as a pivotal player in the global arena of mineral analysis. He praised ANRML’s efforts and encouraged further investment in the mining sector, which aligns with President’s Renewed Hope Agenda.

Alok Gupta, the Group Managing Director of ANRML, expressed gratitude for the lab’s inauguration, reaffirming the company’s commitment to revolutionising Nigeria’s mining industry. He announced that the lab, employing advanced technology, is certified with ISO 7025 from the Canadian Association of Laboratory Abbreviations, marking it as the only such facility in Nigeria.

The establishment of local laboratories for mineral analysis is crucial for Nigeria’s mining sector, aiming to improve the efficiency and reliability of mineral testing. Current practices often necessitate sending samples abroad for testing services, which can be costly and time-consuming. The new lab strengthens Nigeria’s infrastructure within the mining industry and promotes local economic development through value addition and job creation. This initiative is part of a broader strategy to enhance the mining sector and empower the youth by creating employment opportunities.

The inauguration of the new mineral analysis laboratory in Niger represents a significant advancement for Nigeria’s mining sector. It not only facilitates local testing of minerals but also contributes to the government’s agenda of fostering economic growth through enhanced local capabilities. As the only ISO-certified laboratory in Nigeria, it positions the country as a noteworthy participant in the international mineral analysis market, encouraging further investment in the mining industry and opening avenues for youth employment.

Original Source: www.thecable.ng

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Nigeria and France have formalised a collaboration through a Memorandum of Understanding (MoU) aimed at enhancing the management of the mining sector’s value chain in both countries. This agreement, signed during President Bola Tinubu’s visit to France, emphasises the need for regular training and seminars to boost the capacity of institutions involved in the critical metals sector.

The MoU is intended to promote sustainable mining practices that minimise environmental impacts and to establish joint projects between public and private sectors. Alongside research and student exchanges, this partnership aims to rejuvenate over 2,000 abandoned mining sites to facilitate environmental rehabilitation. The Nigerian government views this agreement as a vital step towards increasing international competitiveness and attracting French investment into its mining sector.

The partnership between Nigeria and France in managing the mining sector’s value chain stems from the need to enhance the effectiveness of solid minerals management. The agreement highlights a shared commitment to sustainable practices and the development of critical minerals, which are essential for global energy transitions. Collaborating via this MoU will allow both countries to leverage their strengths, share expertise, and improve practices in a sector that is increasingly important to their economies.

The signing of the MoU between Nigeria and France represents a significant advancement in international cooperation to foster sustainable mining practices and improve management of the mining sector’s value chain. This agreement not only promises to enhance training and capacity-building initiatives but also aims to rehabilitate environmental damage caused by past mining activities. Ultimately, the collaboration could lead to increased foreign investment and improved conditions for communities affected by mining.

Original Source: www.ripplesnigeria.com

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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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