ABUJA: Nigeria has planned to establish Solid Minerals Corporation, to attract investments to extract bitumen, coal, gold, iron-ore, lead, limestone and baryte, western media reported Sunday.
Solid Minerals Minister Dele Alake in a statement said that the proposed firm will look for collaborations and partnerships with prominent multinational companies.
The statement said that Nigeria would offer secured direct investment for the mining sector.
Nigeria, Africa’s second-largest economy wants mining to play a much larger role in its economy by enhancing the capacity of its mineral extraction sector and reducing reliance on oil exploration.
Minister Dele Alake, however, did not suggest any time frame for the establishment of the new company.
Nigeran Presidnet reforming Africa’s second largest economy
President Bola Tinubu has been making reforms in decades to attract foreign investment. He got a struggling economy with high debt, lack of foreign exchange and fuel, a weak currency and inflation.
He is expected to attend the forthcoming G20 summit to promote foreign investment in Nigeria.
The new corporation will engage with local financial institutions, which have stayed away from the mining sector in the past due to strict government policies.
