In a meeting with the British Deputy High Commissioner to Nigeria, His Excellency Jonny Baxter, the Minister of Solid Minerals Development revealed details about the establishment of the Nigeria Solid Minerals Corporation. The initiative, which has received presidential approval, will be driven by the Ministry of Finance Incorporation (MOFI) and modeled after the Nigeria Liquefied Natural Gas (NLNG) framework.

The Minister emphasized that the Solid Minerals Corporation will operate as an independent entity shielded from political interference. “This will be an enduring legacy. No future government will be able to exert any political control over its operations,” he stated.

The ownership structure will see 50% equity allocated to the private sector, 25% to Nigerians, and 25% to the Federal Government. This setup is designed to foster broad-based participation and ensure sustainability.

Looking ahead to 2025, the Minister outlined the government’s plans to transform Nigeria’s mining sector into a globally competitive industry. Key initiatives include:

• Improving access to mining sites through the development of intermodal transport systems, including roads, rail, and waterways along mining corridors.

• Strengthening the regulatory framework to enhance transparency and efficiency.

• Repurposing abandoned mining pits for productive use to minimize environmental hazards.

• Ensuring investor security to create a stable and attractive business environment.

• Expanding exploration activities to generate comprehensive geological data, which will attract global players to the sector.

The Minister expressed optimism about the government’s reform agenda, noting that positive economic trends are already emerging. “This year is pivotal for our administration. The efforts we have put into reforms across various sectors are beginning to bear fruit, and prosperity is within reach,” he said.

The meeting with HE Jonny Baxter underscores the administration’s commitment to strengthening partnerships and driving sustainable growth in the solid minerals sector.