Solid minerals corporation will transform mining sector – Alake

The Minister of Solid Minerals Development, Dr Dele Alake, has assured Nigerians that the establishment of the Nigeria Solid Minerals Corporation will significantly transform the mining sector and lay the foundation for its sustainable development.

He said this is because the Corporation will be funded with 50 per cent equity from the private sector, 25 per cent from Nigerians, and 25 per cent from the Federal Government.

A statement signed by the special assistant on media to the minister, Segun Tomori, on Monday informed that Alake said these while receiving the British Deputy High Commissioner to Nigeria, Jonny Baxter, in his office.

Alake disclosed that the initial setup of the new corporation will be driven by the Ministry of Finance Incorporation, with the structure patterned after the Nigeria Liquefied Natural Gas model.

“The Solid Minerals Corporation will be an enduring legacy. No future government will be able to exert any political interference. The President has approved this, and we are looking at a 50 per cent equity stake for the private sector, 25 per cent for Nigerians, and 25 per cent for the Federal Government,” the Minister emphasised.

Alake outlined the government’s plans to create a more competitive and globally recognised mining sector this year.

He said, “We are focused on improving access to mining sites through the development of intermodal transport along the mining corridor—including roads, rail, and waterways; strengthening the regulatory framework; remediating abandoned mining pits for productive use; ensuring investor security; and expanding exploration to generate comprehensive geo-data that will attract major players to the sector.”

The minister also welcomed the support of the UK for capacity building, technical assistance, and knowledge transfer across the mining value chain while urging British investors to explore opportunities in Nigeria’s mining sector.

Describing 2025 as a pivotal year for the Tinubu administration, Dr Alake emphasised the ongoing efforts to drive reforms across various sectors, noting that the fruits of these efforts are beginning to manifest.

“We are encouraged by the support of our international partners for the difficult but necessary reforms undertaken by this administration. We are already seeing positive trends in the economy, and prosperity is within reach,” he added.

In his remarks, Ambassador Baxter commended the Federal Government’s decision to model the new Solid Minerals Corporation after the NLNG, offering the UK’s continued support in strengthening Nigeria’s regulatory framework and attracting investment.

He emphasised that Nigeria’s economic growth is vital for global prosperity and assured the minister of the UK’s commitment to enhancing bilateral cooperation in the mining sector.

Ambassador Baxter was accompanied by Tom Burge, Political Counsellor, and Wale Adebajo, Senior Political Adviser.