Nigeria would become independent from oil production

By RockedBuzz 2 Min Read

According to Solid Minerals Minister Dele Alake, the proposed company will enter into partnership investment agreements with multinational companies worldwide to provide foreign direct investment to the mining sector.

Nigeria’s government is seeking to expand its mineral extraction sector as part of a broader strategy to reduce its heavy dependence on oil production. However, no specific timetable was given for when the new company could begin operations. Existing organizations such as the National Iron Ore Company and the Bitumen Concessioning Program will be restructured to align with the new company.

In addition, a mining police force will be established in October to combat illegal mining activities.

President Bola Tinubu has initiated some of the most ambitious reforms in recent years aimed at improving Nigeria’s investment climate and attracting foreign investors to Africa’s largest economy. Tinubu inherited an economy plagued by many challenges, including record debt, foreign exchange and fuel shortages, a weak naira currency, nearly two decades of inflation, insufficient energy supply and declining oil production due to under-investment, crude oil theft and pipeline vandalism.

Cover image source: Shutterstock

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