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Solid Minerals Corporation to revolutionize Nigeria’s Mining Sector- Minister Dele Alake

The Minister of Solid Minerals Development, Dr. Dele Alake, has assured Nigerians that the establishment of the Nigeria Solid Minerals Corporation will serve as a cornerstone for sustainable development and transform the mining sector.

Speaking during a meeting with the British Deputy High Commissioner to Nigeria, Jonny Baxter, Dr. Alake revealed that the corporation’s structure would be modeled after the Nigeria Liquefied Natural Gas (NLNG) framework and driven by the Ministry of Finance Incorporation (MOFI).

“This Solid Minerals Corporation will be an enduring legacy. It will be shielded from political interference, ensuring its sustainability. The President has approved the initiative, with a planned equity structure of 50% for the private sector, 25% for Nigerians, and 25% for the Federal Government,” the minister stated.

Dr. Alake also outlined the government’s ambitious plans for the mining sector, highlighting initiatives aimed at making Nigeria’s solid minerals industry globally competitive by 2025. He emphasized that the corporation’s establishment would attract investment, promote innovation, and position the sector as a key driver of economic growth.

Reporting by Rabi Momoh; Editing by Daniel Adejo