The Nigerian government has announced its intention to create a mining company to stimulate the development of the resources sector and limit state interference. This initiative is part of a wider strategy to attract investment and modernise the country's mineral industry.
Segun Tomori, Media Assistant to the Minister of Solid Minerals Development, Dele Alake, revealed the plan during an X-platform chat with The Cable. According to him, the new entity, named Nigeria Solid Minerals Corporation, will be under the management of the Ministry of Finance (MOFI). Its ownership structure will provide for a capital split as follows: 25% for Nigerian citizens, 25% for the federal government and 50% for the private sector.
"This is designed to ensure that we are free from government and political interference, even after this administration," Tomori said.
This announcement comes as Nigeria seeks to boost its mining sector and attract more investment. In 2024, Minister Dele Alake had already proposed the creation of a dedicated mining development bank and pledged to reduce bureaucracy and streamline regulation of the sector.
With the creation of this mining company, Nigeria hopes to enhance the transparency and efficiency of the natural resources sector, while creating an environment conducive to private investment and the sustainable exploitation of Nigeria's subsoil wealth.
