Nigeria's solid Minerals Minister Dele Alake revealed at a conference in the capital Abuja that the government plans to offer investors at least 75 percent of a proposed national solid minerals company, Reuters reported.
Nigeria's parliament is drafting legislation that would create a new government-backed company to wean the country off oil.
Due to a lack of incentives and neglect, Nigeria has struggled to generate revenue from its vast mineral resources. The underdeveloped mining industry contributes less than 1 percent to the country's gross domestic product.
Alake said the government's stake in the proposed Nigeria Solid Minerals Corporation would not exceed 25 per cent, with the rest held by private investors and the public.
Alake said parliament was considering merging the failing state-owned miner, known as the National Iron Ore Corporation and the bituminous concession scheme, into the new company and establishing a special mine police force to combat rampant illegal mining.
Alake said when the plan was first announced in September 2023 that the new company would help attract investment in mining gold, coal, iron ore, bitumen, lead and barite.
Alake revealed that at least 499 licenses have been issued to companies and individuals to buy and sell minerals. Lithium had the highest number of applications at 146, followed by gold at 91.
Alake said the government is trying to regulate artisanal miners, who dominate the industry, by organizing them into cooperatives to bid for licenses. So far, 2,329 of them have registered to join the cooperative.
