Nigeria To Create Solid Minerals Corporation To Attract Investment

Dele Alake, the Minister of Solid Minerals, has said the country is planning to set up the Nigerian Solid Minerals Corporation, a state-backed company to help attract investments into the extraction of gold, coal, iron-ore, bitumen, lead, limestone and baryte.

According to the Minister, the proposed corporation will seek and secure partnership investment agreements with big multinational companies worldwide.

“This will make us leverage on the attractive investment-friendly regime operating in the country to secure massive foreign direct investment for the mining sector,” Alake said in a statement.

Nigeria wants mining to play a larger role in its economy by diversifying its mineral extraction sector away from an overreliance on oil exploration.

The minister did not specify when the new firm will be established. Existing enterprises – the National Iron-Ore Company and the Bitumen Concessioning Programme – will be assessed to integrate into the new company, he said, adding that a mines police unit will be operational beginning in October to investigate illicit mining.

“The new corporation will engage local financial institutions, which have shied away from the mining sector in the past due to a long gestation period for projects, to promote investment,” he said.