Solid Mineral Development Minister Dr. Dele Alake, has revealed the establishment of Nigeria Solid Minerals Company (NSMC), a new corporation designed to attract direct foreign investments and transform the country's mining sector.
Alake also explained that the NSMC will have a unique property structure, with the private sector that has 50% of its shares, the Government has 25% and the remaining 25% offered to the Nigerians through a public offer.
The minister, while pronouncing his opening speech on Friday at the ministerial retirement in Abuja, also revealed that the NSMC will inherit the assets of the missing Nigeria Mining Corporation (NMC) and will maximize them to boost the sector.
The issue of retirement is “to improve performance, strengthen responsibility and promote innovation in the solid mineral sector.” Its objective is to review, refine and align the deliverable ministerials with the renewed agenda of hope.
In addition, it seeks to deepen the understanding of the framework of the Central Delivery Coordination Unit (CDCU) for performance management.
The withdrawal also aims to improve leadership cohesion and interdepartmental collaboration. In addition, it strives to institutionalize a results -based management culture and seeks to develop a consistent strategic work plan and based on results that align departmental and agency activities with presidential priorities and ministerial deliveries.
While talking more, the minister also announced the appointment of Mr. Martins Imonitie, as executive director, who is an experienced banker with experience in mining finance and experience in Nigeria, the United Kingdom and Australia.
“The NSMC has also opened an office in Abuja, the Federal Capital, and is working with the Ministry of Finance incorporated and consulting companies to conclude the final phase of its launch.
“The establishment of the NSMC is a significant step to promote economic growth and development in the mining sector of Nigeria.
“Attracting direct foreign investment and taking advantage of the experience of the private sector, the NSMC is expected to drive growth, create jobs and increase income for the government.”
“The NSMC approach is expected to attract direct foreign investments to bring new technologies, experience and capital, which will help unlock all the potential of the Nigeria mining sector.”
“With its unique property structure and its growth focus led by the private sector, the NSMC is ready to play a fundamental role in the transformation of the sector and promote economic development.”
“The Nigerian government has been working to reform the mining sector and promote economic growth, and the establishment of the NSMC is a key part of this effort:
“By creating a more attractive investment environment and promoting growth led by the private sector, the government expects to unlock all the potential of the sector and boost economic development.” Added.
While accusing ministry staff and directors about the commitment of duty, Alake emphasized that improving life opportunities for Nigerians through the solid mineral sector goes beyond increasing income.
According to him, “it is about strengthening institutions, building capacity, prioritizing security, protecting the environment, empowering women and young people and guaranteeing equitable participation in the mining economy.
“I urge all departments, agencies and addresses presented to take advantage of this retirement as an opportunity to break silos, improve collaboration and develop synergy in our ecosystem.”
“As I deliberate, remember that the final test of our work is the positive transformation that brings to our country from safer and more formal mining communities, to increase investment and more jobs, even a stronger infrastructure and value chains that help us compete worldwide.”
“Our presidential performance bonus is a solemn commitment to Nigerians. As such, we must keep the highest standards of integrity, transparency and professionalism.”
“CDCU scoring pictures should not be seen as punitive, but as a tool to keep us aimed, identify bottlenecks and continually improve the provision of services of our service.”
We owe our people to build a sector that is responsible, efficient, transparent and inclusive. We translate our policies into practice, our plans into action and our action in lasting legacies.
“I absolutely have the confidence that with their dedication, our collective experience and the support of our development partners, we can build a future where the solid mineral sector proudly feels like a lighthouse of hope and a promoter of national prosperity.”
“Let's solve, as we move away from this retirement, to go beyond the plans on paper. Translate our intentions into actions, our actions into impacts and our impacts on lasting legacies for the coming generations.” Said.
Previously, the president of the Senate Committee on the development of solid minerals, Senator Ekong Sampson promised a solid legislative support that anchors more profits for the benefit of all Nigerians.
“From gold to lithium, bitumen and coal, our underground wealth have the key to true economic diversification.”
“Improved performance and innovation will unlock this wealth to transform lives, create jobs, stop insecurity and gain currencies.”
“Our collaboration with the Ministry is key. We will continue to refine policy and supervision to ensure that Nigeria's mineral wealth works for its people.”
In addition, the House of Representatives, president of the Mineral Committee of the House of Representatives, the Honorable Jonathan Gaza Gbefwi, said that the Ministry's reforms had already attracted record investments.
“In less than two years, we went from winning $ 6 billion to a revenue base of $ 38 billion and attracted more than $ 800 billion in foreign direct investment.”
“The creation of the Nigerian solid mineral development company is a master coup that puts us on the path of a revolution similar to oil and gas. But we must build institutions that survive us, so that our communities feel the benefits.”
Permanent Secretary, Eng. Yabo Faruk Yusuf, he said, the prize of the Civil Service Week shows what is possible when we work along with the commitment and responsibility, “said Yusuf.” This retreat is our springboard to do more. “
Strengthening this call to action, general director of the Nigeria office of Cadadas Mining, Eng. Obadiah Simon Nkom called the Retiro, a moment of rebirth.
“'Remove' means that we want to improve it. We are here to retire for when we go here, we would have improved. Apart from wealth under our feet, we are wealth.”
“The development of capacities is our true strength. With the support of the Minister, the Permanent Secretary and the National Assembly, we will build a sector that attracts investors and transforms communities.” Added.