Nigeria to establish state-backed mineral company to boost investments

Nigeria is taking steps to boost its mineral extraction sector by establishing the Nigerian Solid Minerals Corporation, a state-backed company aimed at attracting investments in gold, coal, iron ore, bitumen, lead, limestone, and baryte extraction. The country is looking to diversify its economy and reduce its reliance on oil exploration.

Solid Minerals Minister Dele Alake stated that the proposed corporation would seek investment agreements with multinational companies worldwide to leverage Nigeria’s investment-friendly environment. However, he did not provide a specific timeline for the establishment of the new company.

Existing entities like the National Iron Ore Company and the Bitumen Concessioning Programme will be reviewed and incorporated into the new corporation. Additionally, a mines police force will be operational from October to combat illegal mining activities.

President Bola Tinubu’s administration is implementing reforms to improve Nigeria’s investment climate and attract foreign investors. These reforms aim to shift the focus from borrowing to investment as a means of creating jobs and stimulating economic growth. Tinubu plans to attend the upcoming G20 summit to promote foreign investment in Nigeria and secure global capital for infrastructure development.

The Nigerian Solid Minerals Corporation will collaborate with local financial institutions, encouraging them to invest in the mining sector, which has historically faced challenges due to lengthy project gestation periods. The move represents part of Nigeria’s broader efforts to diversify its economy and tap into its vast mineral resources.

Elevate your business with QU4TRO PRO!

Gain access to comprehensive analysis, in-depth reports and market trends.

Interested in learning more?

Sign up for Top Insights Today

Top Insights Today delivers the latest insights straight to your inbox.

You will get daily industry insights on

Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Zinc prices plunging on the back of surplus production

Zinc, one of the London Metal Exchange’s (LME) base metals, has been the second weakest performer in this category so far this year, with its price down by 18% since the beginning of the year. The LME three-month zinc is currently trading at around $2,450 per tonne. This underperformance is…

EU set to drive efforts to counter China’s trade tactics with new restrictions

European Commission President Ursula von der Leyen is spearheading a series of trade restrictions against China, aiming to fulfill a commitment to bolster the EU’s global political influence. These measures include investigations into Chinese subsidies for electric vehicles, support for windparks, solar firms…

Germany launches initiative to drive demand for climate-friendly products

Germany’s economy ministry unveiled its plan on Wednesday to establish a market for climate-friendly products, aligning with the country’s goal of achieving carbon neutrality by 2045. This initiative aims to reduce emissions in key sectors such as steel, cement, and chemicals, which are significant contributors to greenhouse…

Stay informed

error: Content is protected !!