Alake urges British investors to explore Nigeria’s mining opportunities

The Minister of Solid Minerals Development, Dr Dele Alake, has urged British investors to explore opportunities in Nigeria’s mining sector.

Alake made the call when he received the British Deputy High Commissioner to Nigeria, Mr Jonny Baxter, on Monday in his office in Abuja.

He stated that Nigeria welcomed the UK’s support for capacity building, technical assistance, and knowledge transfer across the country’s mining value chain.

He said that President Bola Tinubu has approved the establishment of the Nigeria Solid Minerals Corporation to transform the mining sector and lay the foundation for its sustainable development.

According to the minister, the initial set-up of the new corporation will be driven by the Ministry of Finance Incorporation (MOFI), with the structure modeled after the Nigeria Liquefied Natural Gas (NLNG) model.

“The Solid Minerals Corporation will be an enduring legacy. No future government will be able to exert any political interference.

“The President has approved this, and we are looking at a 50 per cent equity stake for the private sector, 25 per cent for Nigerians, and 25 per cent for the Federal Government,” he said.

Alake disclosed that in 2025, government planned to create a more competitive and internationally recognised mining sector that would play a significant role in boosting Nigeria’s economic profile.

“We are focused on improving access to mining sites through the development of intermodal transport along the mining corridor, including roads, rail, and waterways.

“Others are Strengthening the regulatory framework, remediating abandoned mining pits for productive use, ensuring investor security, and expanding exploration to generate geo-data to attract major players,” he said.

The minister described 2025 as a pivotal year for President Tinubu’s administration, stating that the ongoing efforts to drive reforms across various sectors was already yielding results.

“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,” he said.

On his part, Baxter commended the Federal Government’s move to model the new Solid Minerals Corporation after the NLNG, and reaffirmed the UK’s continued support in strengthening Nigeria’s regulatory framework.

He described Nigeria’s economic growth as crucial for global prosperity, while assuring Alake of the UK’s continued commitment to enhancing bilateral cooperation in the mining sector.