The Federal Government intends to create a state-backed business called the Solid Minerals Corporation to handle its natural resources and finance the mining industry, and this initiative is being led by the Ministry of Solid Minerals.
As the ‘Agenda for the Transformation of the Solid Minerals for International Competitiveness and Domestic Prosperity’ was unveiled in Abuja on Sunday, Minister Mr Dele Alake bemoaned the lack of access to funding for mining operators in a statement released by the Ministry’s Deputy Director of Press, Alaba Balogun.
The minister claims that the new company will play a crucial role in reviving the mining industry in the country.
Alake said, “Mining is big business. Nigeria must assert its presence in this environment by replicating its strategic positioning in the petroleum sector by setting up a corporate body that plays in this field. Consequently, the Ministry shall work towards the incorporation of the Nigerian Solid Minerals Corporation.”
Gold, coal, limestone, bitumen, lead, iron ore, and baryte are among the seven categories the corporation plans to focus on first, according to the announcement.
The minister has promised to examine the National Iron-Ore Company and the Bitumen Concessioning Programme, two similar organisations in Nigeria.
On the new company, the minister added, “The proposed corporation will seek and secure partnership investment agreements with big multinational companies worldwide to leverage on the attractive investment-friendly regime operating in the country to secure massive Foreign Direct Investment for the mining sector. The positioning of the national corporation as a guarantor and protector of the partnership agreements is expected to assure partners of our seriousness and fidelity.”
