The Nigerian government has teamed up with the Africa Finance Corporation (AFC) to revolutionize the processing of mineral sector data. This collaboration aims to gather critical information for de-risking investments in the mining industry. The Minister for Solid Minerals, Dr. Oladele Alake, announced this exciting partnership during a visit by the president of AFC, Mr. Samaila Zubairu.
Alake emphasized the importance of leveraging the existing partnership between AFC and the Solid Minerals Development Fund (SMDF) to gather precise data needed to unlock the $700 billion worth of minerals beneath Nigeria’s surface. The ministry plans to invest heavily in data generation to provide potential investors with accurate information for informed decision-making.
Furthermore, Alake hinted at collaborative initiatives between SMDF and AFC to accelerate the development of the mineral sector. These initiatives align with President Bola Tinubu’s Renewed Hope Agenda, focusing on foreign direct investment, job creation, and increased fiscal revenues. The agreement also highlights the establishment of processing centers to add value to the mineral products, as part of the recently announced Transformation Agenda.
Recognizing the growing partnership between AFC and SMDF in supporting mining projects in Nigeria, Alake emphasized the critical role of the mining sector in the country’s economic growth and prosperity. Zubairu echoed this sentiment and stressed the need to collaborate with the ministry to harness Nigeria’s abundant solid minerals for rapid economic development.
As part of the partnership, AFC has pledged support for the BIG Data project, value-added processing centers, efforts to enhance security in the sector, and assistance for local mining companies. This collaboration marks a significant milestone in advancing Nigeria’s solid minerals sector and creating an enabling environment for investment and economic growth.