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Nigeria plans to launch solid minerals corporation

Nigerian Solid Minerals Corporation will focus on extraction of gold, coal, iron ore, bitumen, lead, limestone and baryte.

Nigeria is planning to launch a state-backed solid minerals corporation to provide funding to its mining sector and manage the country’s minerals.

The new company, named Nigerian Solid Minerals Corporation, will focus on the extraction of gold, coal, iron ore, bitumen, lead, limestone and baryte.

Nigeria’s Solid Minerals Minister Dele Alake was quoted by Reuters as saying: “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.”

Nigeria is looking to strengthen its mineral sector to diversify away from oil exploration and boost its economy.

Alake said the Solid Minerals Ministry will add at least 50% to the country’s gross domestic product (GDP).

Alake was quoted by Nigeria Info FM as saying: “Mining is big business. Nigeria must assert its presence in this environment by replicating its strategic positioning in the petroleum sector by setting up a corporate body that plays in this field.

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