By GLORIA AKUDORO
In a bid to reposition the solid minerals sector as a cornerstone of Nigeria’s economic diversification drive, the Federal Government has established the Nigerian Solid Minerals Company (NSMC). The company is expected to operate with a focus on equity, innovation, and reduced government interference.
Announcing this development on Friday during the first day of a two-day Ministerial Retreat themed “Enhancing Performance, Strengthening Accountability, and Fostering Innovation in the Solid Minerals Sector,” Minister of Solid Minerals Development, Dr. Oladele Alake, said the NSMC will serve as a commercially driven entity to transform the mining landscape.
Alake also disclosed the appointment of Mr. Martins Imonitie, a seasoned banker with experience in mining finance across Nigeria, the United Kingdom, and Australia, as the Chief Executive Officer of the new company.
The minister explained that while the company will be based in Abuja, groundwork is ongoing in partnership with the Ministry of Finance Incorporated (MOFI) and leading consulting firms to conclude the final phase of the company’s formal launch. This will precede the divestment of equity to both the private sector and Nigerian citizens.
According to Alake, the NSMC will operate as a Special Purpose Vehicle (SPV) with a structure deliberately designed to be private-sector-driven. The ownership breakdown will see the private sector hold 50%, the federal government retain 25%, and the remaining 25% offered to the public via public offering.
He added that the NSMC will inherit and optimize the dormant assets of the defunct Nigerian Mining Corporation (NMC) to catalyze growth in the sector.
> “In 2023, I announced the plan to establish the NSMC because the Nigerian Mining Corporation had become moribund. There was no viable SPV to act on behalf of Nigeria. We are changing that now,” Alake said.
He praised President Bola Ahmed Tinubu and the National Assembly for their unwavering support and listed major milestones achieved under the administration’s mineral sector agenda. These include:
Enhanced geological exploration and data mapping
Deployment of mining marshals to tackle illegal mining
Formation of artisanal cooperatives
Focus on value addition
Aggressive international investment marketing
Improved government operational efficiency
Promotion of environmental sustainability and community development
Alake stressed the strategic importance of the retreat, noting it serves as a platform to craft a new vision for a globally competitive, investor-friendly, and sustainably managed solid minerals sector.
He called on stakeholders to unite in executing policies that promote local exploration, beneficiation, and value addition—essential components in unlocking the full value of Nigeria’s mineral wealth.
In his remarks, the Permanent Secretary of the Ministry, Engr. Faruk Yusuf Yabo, outlined the retreat’s core objectives: to refine and align ministerial goals with the Renewed Hope Agenda and position Nigeria as a critical global mining destination.
Goodwill messages were delivered by Chairmen of the Senate and House Committees on Solid Minerals, Sen. Sampson Ekong and Hon. Jonathan Gaza Gbefwi, who lauded the shared vision for Nigeria’s economic transformation.
> “In less than two years, we’ve grown revenue from $6 billion to $38 billion and attracted over $800 billion in foreign direct investment. The NSMC is a masterstroke. This is our chance to replicate Norway’s oil success story—but with minerals. We must build resilient institutions that serve future generations,” Hon. Gbefwi remarked.
Also speaking, the Director-General of the Nigerian Mining Cadastre Office (NMCO), Engr. Obadiah Simon Nkom, described the retreat as a timely opportunity to recalibrate the sector. He commended the Minister’s leadership and acknowledged the critical support of the National Assembly.