Oliver Daniels
Sun, Sep 3, 2023 9:50 PM

Nigeria Plans to Boost Mining Sector with the Nigerian Solid Minerals Corporation

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Nigeria Plans to Boost Mining Sector with the Nigerian Solid Minerals Corporation
Nigeria is set to establish the Nigerian Solid Minerals Corporation, a state-backed company aimed at attracting investments into the country's mining sector. As part of efforts to diversify from overreliance on oil, the corporation will seek partnership agreements with multinational companies to secure massive foreign direct investments. President Bola Tinubu is determined to improve Nigeria's investment climate, promote investments, and mobilize global capital to develop infrastructure. The corporation also plans to engage local financial institutions to promote investment in the mining sector, which has been largely overlooked in the past. This move signals Nigeria's commitment to bolstering its mining industry and driving economic growth.

Nigeria is gearing up to establish the Nigerian Solid Minerals Corporation, a state-backed company aimed at attracting investments into the country's mining sector. With a plan to diversify from its heavy dependence on oil, Nigeria sees the potential for economic growth in expanding its mineral extraction sector.

Solid Minerals Minister Dele Alake announced the government's intention to set up the corporation, stating that it will seek partnership investment agreements with major multinational companies worldwide. Nigeria hopes to leverage its investment-friendly regime to secure massive foreign direct investment for the mining sector. The country holds significant reserves of gold, coal, iron-ore, bitumen, lead, limestone, and baryte.

President Bola Tinubu, who has embarked on bold economic reforms, sees the mining sector as a key player in diversifying Nigeria's economy. The corporation's establishment aligns with his administration's plan to promote investment and create jobs through non-borrowing means.

The Nigerian Solid Minerals Corporation will not only seek international partnerships but also engage local financial institutions. These institutions have shied away from the mining sector in the past due to the long gestation period for projects. By promoting investment in the mining industry, Nigeria aims to attract both domestic and foreign capital to drive growth and development.

Existing enterprises, such as the National Iron-Ore Company and the Bitumen Concessioning Programme, will be reviewed to fit into the new corporation. Additionally, a mines police force will become active in October to detect and combat illegal mining activities.

To further showcase Nigeria's commitment to the mining sector, President Tinubu plans to attend the forthcoming G20 summit. His objective is to promote foreign investment in Nigeria and mobilize global capital for infrastructure development.

The establishment of the Nigerian Solid Minerals Corporation marks a significant step forward for Nigeria's mining industry. With its vast mineral resources and investor-friendly reforms, Nigeria aims to boost its economy, create jobs, and reduce its dependence on oil.

Source of content: OOO News 2023-09-03 News

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