*Dr. Oladele Alake, Minister for Solid Minerals Development, disclosed the initial set up of the Nigeria Solid Minerals Corporation will the handled by the Ministry of Finance Incorporation with the structure patterned after the Nigeria Liquefied Natural Gas model for transformation and sustainable development of the minerals sector of the economy

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The Federal Government has assured the citizenry that the establishment of the Nigeria Solid Minerals Corporation will significantly transform the mining sector and lay the foundation for sustainable development of the industry.

Dr. Oladele Alake, Honourable Minister for Solid Minerals Development, stated this Monday, January 27, 2027, while receiving the British Deputy High Commissioner to Nigeria, H. E. Jonny Baxter, in his office, in Abuja, FCT.

Alake disclosed the initial set up of the new corporation would be driven by the Ministry of Finance Incorporation (MOFI), with the structure patterned after the Nigeria Liquefied Natural Gas (NLNG) model.

Mr. Segun Tomori, Special Assistant to the Minister on Media, in a statement Monday noted Alake said: “The Solid Minerals Corporation will be an enduring legacy.

“No future government will be able to exert any political interference.”

The Minister stated: “The President has approved this, and we are looking at a 50% equity stake for the private sector, 25% for Nigerians, and 25% for the Federal Government.”

Looking ahead to development in the New Year, Dr. Alake also outlined the Nigerian Government鈥檚 plans to create a more competitive and globally recognised mining sector.

鈥淲e are focused on improving access to mining sites through the development of intermodal transport along the mining corridor 鈥� including roads, rail, and waterways; strengthening the regulatory framework; remediating abandoned mining pits for productive use; ensuring investor security; and expanding exploration to generate comprehensive geo-data that will attract major players to the sector,” said he.

The Minister as well welcomed the support of the United Kingdom (UK) for capacity building, technical assistance, and knowledge transfer across the mining value chain while urging British investors to explore opportunities in Nigeria鈥檚 mining sector.

Describing 2025 as a pivotal year for the Bola Ahmed Tinubu administration, Alake emphasised the ongoing efforts at driving reforms across various sectors.

He also noted that the fruits of these efforts are beginning to manifest in the West African country’s economy.

The Minister averred: “We are encouraged by the support of our international partners for the difficult but necessary reforms undertaken by this administration.

“We are already seeing positive trends in the economy, and prosperity is within reach.”

In his remarks, Ambassador Baxter commended the Federal Government鈥檚 decision to model the new Solid Minerals Corporation after the NLNG, offering the UK鈥檚 continued support in strengthening Nigeria鈥檚 regulatory framework and attracting investment.

The envoya emphasised that Nigeria鈥檚 economic growth is vital for global prosperity and assured the Minister of the UK鈥檚 commitment to enhancing bilateral cooperation in the mining sector.

The British Deputy High Commissioner was accompanied by Tom Burge, Political Counsellor, and Wale Adebajo, Senior Political Adviser.

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