The Nigerian government is preparing to establish a new mining company. Segun Tomori, media aide to the Minister of Solid Minerals Development, Dele Alake, revealed this during an XSpace discussion on Monday.
According to Tomori, the Ministry of Finance Incorporated (MOFI) will oversee the company’s operations.
“In a few weeks, I understand that the minister will be announcing the launch of the Nigeria Solid Minerals Corporation, which will be a one-purpose vehicle for the mining sector,” he stated.
The corporation’s ownership structure is designed to limit government influence. The Nigerian public will own 25%, the federal government another 25%, while private companies will hold the remaining 50%.
Tomori noted that this arrangement aims to minimize political interference, ensuring stability beyond the current administration.
In addition, Minister Alake is advocating for the creation of a dedicated mining development bank.
On November 22, 2024, he urged mining CEOs to support its establishment, arguing that it would reduce government intervention, stabilize the sector, and provide long-term financing.
Alake also assured industry leaders that efforts are underway to streamline regulations and simplify business operations in the mining sector.
