Nigeria plans to set up the Nigerian Solid Minerals Corporation, a state-backed company to help attract investments into the extraction of gold, coal, iron-ore, bitumen, lead, limestone and baryte, a minister said on Sunday.
“The proposed corporation will seek and secure partnership investment agreements with big multinational companies worldwide to leverage on the attractive investment-friendly regime operating in the country to secure massive foreign direct investment for the mining sector,” Solid Minerals Minister Dele Alake said in a statement.
Nigeria wants mining to play a much bigger role in its economy by expanding its mineral extraction sector to diversify away from an overreliance on oil exploration.
Alake did not give a timeframe for when the new company would be set up. Existing enterprises – the National Iron-Ore Company and the Bitumen Concessioning Programme – will be reviewed to fit into the new company while a mines police force will be active from October to detect illegal mining, he said.
President Bola Tinubu has embarked on the country’s boldest reforms in decades to try to improve Nigeria’s investment climate and draw foreign investors to Africa’s biggest economy.
Tinubu inherited a struggling economy with record debt, shortages of foreign exchange and fuel, a weak naira currency, inflation at a near two-decade high, skeletal power supplies and falling oil production due to years of underinvestment, crude-oil theft and pipeline vandalism.
His administration has said it will seek to promote investments rather than rely on borrowing to create jobs.
Tinubu plans to attend the forthcoming G20 summit to promote foreign investment in Nigeria and mobilize global capital to develop infrastructure.
The new corporation will engage local financial institutions, which have shied away from the mining sector in the past due to a long gestation period for projects, to promote investment, Alake said.
Reuters
Follow us on:
The EFCC has arrested three suspects for alleged vote buying during the ongoing Edo governorship…
Evacuations of 30,000 people are underway in central Japan as heavy rains threaten severe flooding,…
An employee of California's state fire protection agency, known as Cal Fire, has been arrested…
In Mexico's western Sinaloa state, at least 53 people have been killed and 51 others…
The Nigeria Police Force (NPF) has announced the arrest of two suspected political thugs during…
President Bola Tinubu on Saturday rejoiced with his better half, Oluremi Tinubu, on the occasion…
View Comments
👇👇👇👇👇👇👇👇Golf 3, 4, 5 N500,000 to N550,000 Toyota Camry big daddy N750,000 to 3.5 Toyota Camry tiny light N500,000 to 1.7 Land Cruiser jeep 950,000 to 4.7 Toyota matrix N650,000 to 1.9 Lexus RX 350 ,950,000 to 15 million Lexus RX 330 750,000 to 7.7 Toyota Prado jeep N950,000 to 8.5 Toyota Hiace Bus N950,000 to 15 million Toyota Avalon N950,000 to 4.5 million Toyota corolla N750,000 to 4.5 million Mazda 626 N650,000 to 1.8 Peugeot 406 N700,000 to 3 million Peugeot 207 N750,000 to 4 million Honda accord E.O.D N750,000 to 3 million Honda Evil Spirit N7500,000 to 2.5 Toyota Avensis N850,000 to 4.5 Toyota RAV4 N850,000 to 7.5 Toyota Seinna N850,000 to 3.5 Toyota Highlander N900,000 to 10.5 million Toyota Yaris N550,000 to 1.5 million Nissan Murano N750,000 to 5 million Nissan Pathfinder N800,000 to 4.5 Infiniti FX35 N750,000 to 7 million Infiniti FX45 N850,000 to 8.8 AND MANY OF THE CARS ARE NOT LISTED HEREO91 5608 9111)