Nigeria’s Minister of Solid Minerals Development, Dr Dele Alake, has assured the public that the newly established Nigeria Solid Minerals Corporation will revolutionise the country’s mining industry, ensuring long-term sustainability and growth. He made this statement on Monday while hosting the British Deputy High Commissioner to Nigeria, Jonny Baxter, at his office in Abuja.
According to a statement from Segun Tomori, the Minister’s Senior Special Assistant on Media, the corporation’s formation will be overseen by the Ministry of Finance Incorporation (MOFI) and structured similarly to the Nigeria Liquefied Natural Gas (NLNG) model. Dr Alake described the initiative as an enduring legacy that would prevent political interference in the sector. He revealed that the corporation’s ownership structure would allocate 50% of equity to private investors, 25% to Nigerian citizens, and 25% to the Federal Government, ensuring balanced governance.
Looking ahead to 2025, the Minister outlined the administration’s vision to enhance Nigeria’s mining sector, making it more competitive on the global stage. He highlighted plans to improve accessibility to mining sites by developing integrated transport networks—including roads, railways, and waterways—while also strengthening regulatory frameworks, rehabilitating abandoned mining pits for productive use, ensuring investor security, and expanding exploration efforts through comprehensive geo-data mapping to attract major industry players.
Dr Alake also acknowledged the UK’s contributions to capacity building, technical expertise, and knowledge transfer across the mining value chain. He encouraged British investors to take advantage of the numerous opportunities within Nigeria’s solid minerals sector.
Describing 2025 as a crucial year for President Bola Tinubu’s administration, the Minister emphasised that ongoing economic and structural reforms were beginning to yield tangible results. He expressed confidence that international partnerships would further drive progress, ultimately leading to economic prosperity.
In response, Ambassador Baxter praised the government’s decision to adopt the NLNG model for the Solid Minerals Corporation, reaffirming the UK’s commitment to supporting Nigeria in strengthening its regulatory frameworks and attracting foreign investment. He underscored the importance of Nigeria’s economic stability to global prosperity and pledged continued cooperation between the two nations in the mining sector.
The British Deputy High Commissioner was accompanied by Political Counsellor Tom Burge and Senior Political Adviser Wale Adebajo during the meeting.
