Minister for Solid Minerals Development, Dr. Oladele Alake has applauded the Africa Finance Corporation (AFC) for its support of the Tinubu administration’s ambitious agenda to elevate the solid minerals sector as the country’s primary source of revenue.
Alake made this commendation during a business visit by the president and CEO of the Africa Finance Corporation (AFC), Mr. Samaila Zubairu to his office in Abuja on Tuesday.
Highlighting the administration’s commitment to gathering precise data on minerals, Alake stressed that all efforts made through policies, initiatives, and programs to position Nigeria as a solid minerals destination would be in vain without improved data gathering. He emphasised the ministry’s dedication to developing the necessary data to advance the estimated $700 billion value beneath the ground, as part of the big data strategy.
Alake explained that the administration chose to shift its focus from fossil fuels and associated climate challenges to solid minerals as a viable alternative. He remarked, “President Bola Ahmed Tinubu decided to create the ministry, empower it, and develop policies to make it advantageous to Nigerians”.
While acknowledging the robust partnership between the Africa Finance Corporation and the Solid Minerals Development Fund (SMDF), aimed at identifying and supporting development-stage mining projects in Nigeria, the minister emphasised the critical role of the mining sector in Nigeria’s economic growth and prosperity. He assured Zubairu that the ministry would collaborate with the AFC to make the organisation’s roadmap actionable, aligning with the recently launched transformation agenda to increase government revenue, among other objectives.
In his remarks, the AFC chieftain stressed that the quantity and value of Nigeria’s solid minerals make it imperative to establish a collaborative framework with the ministry to promote sector growth. He advocated for the formulation of a framework that supports local investors through development banks, thereby reducing investment risks in the mining sector and increasing tax earnings for the country.
Zubairu also pledged the corporation’s support for the big data project, value-added processing centers, the reduction of insecurity, and assistance for indigenous mining companies. He highlighted the AFC’s support for Segilola, which demonstrated that indigenous companies could succeed in the mining sector.
