The Nigerian federal government has announced plans to establish a new mining corporation aimed at driving growth in the sector. Segun Tomori, Special Assistant on Media to the Minister of Solid Minerals Development, Dele Alake, shared the development during an XSpace session on Monday.
Tomori revealed that the new corporation, set to be called the Nigeria Solid Minerals Corporation, will be managed by the Ministry of Finance Incorporated (MOFI). Expected to launch in the coming weeks, the corporation is envisioned as a specialized, one-purpose vehicle for advancing the country’s mining industry.
“The corporation will be structured in a way that Nigerians can hold equity. It will be driven by the private sector, with the Ministry of Finance Incorporated overseeing its initial setup,” Tomori said.
The equity distribution of the new corporation is designed to balance public and private sector interests. The federal government and Nigerian citizens will each hold 25% equity, while the remaining 50% will be owned by private sector players. This structure is intended to reduce government interference and ensure sustainability beyond the current administration.
In addition to the mining corporation, Minister Alake has been advocating for the creation of a mining development bank. On November 22, 2024, he urged CEOs of mining companies to take the lead in establishing such a bank, which would help minimize government involvement, ensure the sector’s sustainability, and provide long-term financing for growth.
The government is also working to eliminate bottlenecks that hinder business operations within the sector, aiming to create a more conducive environment for investment in Nigeria’s mining industry.
