FG to launch mining corporation

The federal government has announced plans to launch a mining corporation.

Segun Tomori, the special assistant on media to Dele Alake, the minister of solid minerals development, told TheCable during an XSpace on Monday.

Tomori said the corporation will be managed by the Ministry of Finance Incorporated (MOFI).

“In a few weeks, I understand that the minister will be announcing the launch of the of the Nigeria (mining) Solid Minerals Corporation, which will be a one-purpose vehicle for the mining sector,” he said.

“Nigerians like yourself can hold equity, it will be private sector driven, and the initial setup of that corporation will be handled by the ministry of finance incorporated.

“Its projected equity for Nigerians will be 25 percent, projected equity for the federal government is 25 percent then the of private sector will be 50 percent.

“That was designed to ensure that we wean off government interference and political interference even after this administration.”

Aside the creation of mining corporation, Alake has been canvassing for the establishment of a mining development bank.

On November 22, 2024, Alake called on chief executive officers (CEOs) of mining companies to lead the way in establishing mining development bank to minimise government interference, ensure sustainability, and provide long-term credit for the sector’s growth.

The minister also told the CEOs that the federal government is actively dismantling bottlenecks to enhance the ease of doing business within the sector to foster viable investments.