The Nigerian government is getting ready to create a new mining company. Segun Tomori, who handles media for the Minister of Solid Minerals Development Dele Alake, shared this news during an XSpace discussion on Monday.
According to Tomori, the Ministry of Finance Incorporated (MOFI) will run this new company. “In a few weeks, I understand that the minister will be announcing the launch of the Nigeria Solid Minerals Corporation, which will be a one-purpose vehicle for the mining sector,” he explained.
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The ownership of this new corporation will be split up in an interesting way. The Nigerian public will own 25 per cent, the federal government will own another 25 per cent, and private businesses will own the remaining 50 per cent. Tomori explained that they designed it this way to keep government and political interference to a minimum, even after the current administration leaves office.
Beyond this new mining corporation, Minister Alake is also pushing to create a special mining development bank. On November 22, 2024, he asked mining company leaders to help start this bank. He believes it would help keep government interference low, make the mining industry more stable, and provide the long-term loans needed to help the industry grow. Alake also told these business leaders that the government is working to make it easier to do business in the mining sector by removing unnecessary rules and complications.
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