Solid Minerals: FG Plans 50% Equity For Private Sector, 25% For Nigerians, 25% For Govt

The Federal Government has said efforts were on to drive the solid mineral sector through private investors for sustainability.

Naija News reports that the Minister of Solid Minerals, Dele Alake, stated this on Monday during a meeting with the British Deputy High Commissioner to Nigeria, Jonny Baxter.

He disclosed that the initial setup of the Nigeria Solid Minerals Corporation would be driven by the Ministry of Finance Incorporation (MOFI), with a structure patterned after the Nigeria Liquefied Natural Gas (NLNG) model.

Alake stated that President Bola Tinubu’s administration would position the solid mineral sector to be independent of political interference.

“I believe that the Solid Minerals Corporation will be an enduring legacy. No future government will be able to exert any political interference.

“The President has approved this initiative, and we are looking at a 50% equity stake for the private sector, 25% for Nigerians, and 25% for the Federal Government,” he said.

The Minister of Solid Minerals explained that the government was focused on improving mining sites and making the sector globally competitive.

“As we look ahead to 2025, I am outlining our government’s plans to create a more competitive and globally recognized mining sector. We are focused on improving access to mining sites through the development of intermodal transport along the mining corridor – including roads, rail, and waterways.

“Additionally, we are strengthening the regulatory framework, remediating abandoned mining pits for productive use, ensuring investor security, and expanding exploration to generate comprehensive geo-data that will attract major players to our sector,” he stated.

While reaffirming the commitment of his ministry to maximizing the potential of the solid minerals sector for the nation’s economic development, Alake highlighted that previous efforts made have started yielding the required fruits in the sector.

“This year is a pivotal year for our administration, as we emphasize our ongoing efforts to drive reforms across different sectors. I am pleased to note that the fruits of these efforts are beginning to manifest. Positive trends in the economy are already emerging, and prosperity is within reach,” he added.