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 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.