The Nigerian government has unveiled plans to establish a mining corporation as part of ongoing efforts to revitalise the solid minerals sector. The initiative, which will be managed by the Ministry of Finance Incorporated (MOFI), aims to create a private-sector-driven entity that ensures efficiency and limits government interference.
Segun Tomori, the special assistant on media to Dele Alake, Minister of Solid Minerals Development, disclosed this during an XSpace session on Monday. He explained that the new corporation, to be known as the Nigeria Solid Minerals Corporation, will serve as a one-purpose vehicle for the mining sector.
“In a few weeks, I understand that the minister will be announcing the launch of the of the Nigeria (mining) Solid Minerals Corporation, which will be a one-purpose vehicle for the mining sector,” Tomori stated. “Nigerians like yourself can hold equity, it will be private sector driven, and the initial setup of that corporation will be handled by the ministry of finance incorporated.
“Its projected equity for Nigerians will be 25 percent, projected equity for the federal government is 25 percent then the of private sector will be 50 percent.
“That was designed to ensure that we wean off government interference and political interference even after this administration.”
Beyond launching the corporation, Minister Alake has also been advocating for the establishment of a Mining Development Bank. On November 22, 2024, he urged mining company CEOs to spearhead efforts in creating the bank, which would provide long-term credit, enhance sustainability, and reduce government influence in the sector.
The minister reassured stakeholders that the federal government is actively working to eliminate bureaucratic bottlenecks to improve the ease of doing business in mining, thereby encouraging more viable investments.
