Alake Unveils Transformative Vision for Nigeria’s Mining Sector

The Nigerian Minister of Solid Minerals Development, Dr Dele Alake, has reassured citizens that the establishment of the Nigeria Solid Minerals Corporation will bring transformative and sustainable progress to the country’s mining industry. While hosting the British Deputy High Commissioner to Nigeria, Jonny Baxter, at his office on Monday, Alake detailed the framework of the new corporation, which will be spearheaded by the Ministry of Finance Incorporation (MOFI) and modelled on the Nigeria Liquefied Natural Gas (NLNG) structure.

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    Dr Alake described the initiative as a lasting legacy that would protect the sector from political interference. He highlighted that the corporation’s ownership would be shared among the private sector (50%), Nigerian citizens (25%), and the Federal Government (25%), ensuring balanced governance and accountability.

    Alake Unveils Transformative Vision for Nigeria’s Mining Sector

    Looking ahead to 2025, the minister outlined ambitious reforms aimed at positioning Nigeria as a globally competitive mining destination. He emphasised plans to improve access to mining sites through integrated transport systems, enhance regulatory frameworks, repurpose abandoned mining sites, secure investor interests, and expand exploration efforts by developing comprehensive geological data to attract major global players.

    Dr Alake also expressed appreciation for the UK’s support in capacity building, technical expertise, and knowledge transfer across the mining value chain. He encouraged British investors to explore the vast opportunities within Nigeria’s mining sector.

    Alake Unveils Transformative Vision for Nigeria’s Mining Sector

    The minister described 2025 as a defining year for President Bola Tinubu’s administration, with visible progress emerging from ongoing reforms across various sectors. He added that international partnerships were critical to the success of these initiatives, which are already yielding positive results and fostering economic growth.

    In response, Ambassador Baxter commended the government’s decision to adopt the NLNG model for the Solid Minerals Corporation. He reiterated the UK’s commitment to supporting Nigeria in strengthening regulatory frameworks and attracting investments. Baxter also stressed the importance of Nigeria’s economic growth to global prosperity and pledged continued bilateral cooperation in the mining sector.

    The British Deputy High Commissioner was joined by Political Counsellor Tom Burge and Senior Political Adviser Wale Adebajo during the meeting.

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