Revolutionizing Nigeria’s Mining Industry: AFC and SMDF Join Forces
Africa Finance Corporation (AFC) and the Solid Minerals Development Fund of Nigeria (SMDF) have revealed an impactful alliance during the Nigerian Mining Week in Abuja. This pioneering partnership aims to transform Nigeria’s mining sector and raise artisanal miners to an industrial level of operation. Considering Nigeria’s abundant mineral resources, this collaboration seeks to address the scarcity of expertise and funding for early-stage mining projects, thus unlocking the country’s mineral resources’ enormous potential.
Through the amalgamation of resources and expertise, AFC and SMDF will offer investment opportunities and a joint project development facility providing technical support to promising mining projects. Additionally, this relationship will be reinforced by the creation of the AFC-SMDF Investment Manual, equipping project sponsors with a comprehensive understanding of the joint project development facility and the specific criteria for project consideration.
To streamline the project submission process, a dedicated portal managed by PricewaterhouseCoopers (PWC) has been established to evaluate and screen initial submissions. Furthermore, Wood Mackenzie, a global research and consulting firm, has been engaged to evaluate the feasibility of establishing a midstream processing plant in Nigeria, with a focus on critical minerals such as Lithium, Nickel, and other energy transition metals abundant in the country.
Samaila Zubairu, President&CEO of AFC, expressed his excitement for the partnership, underscoring the necessity for sustainable resource development in Africa to support the global shift to clean energy. He stressed the commitment to utilizing renewable energy sources for local processing, nurturing sustainable development and economic prosperity in Nigeria and Africa.
Fatima Umaru Shinkafi, Executive Secretary and CEO of Solid Minerals Development Fund, acknowledged the significance of these strategic initiatives in supporting the Nigerian mining industry. These initiatives are in line with the Ministry’s Transformation Agenda to leverage the mining sector to catalyse economic growth, competitiveness, and job creation.
This partnership signifies a pivotal step in harnessing Nigeria’s mineral wealth and positioning the nation as a key player in the global mining industry. With AFC having invested over $900 million in mining projects across Africa, including the Segilola Gold Mine in Osun, Nigeria, this collaboration is a testament to the commitment to driving sustainable economic growth through infrastructure development.
For any further inquiries, please contact:
Yewande Thorpe
Communications, Africa Finance Corporation
Mobile: +234 1 279 9654
Email: yewande.thorpe@africafc.org
Gavin Serkin
New Markets Media&Intelligence
Telephone: +44 20 3478 9710
Email: gserkin@newmarkets.media
Moyin Olukayode
Solid Minerals Development Fund
Mobile: +234 806 971 1383
Email: moyin.olukayode@smdf.gov.ng
About AFC:
Africa Finance Corporation (AFC) was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. With 42 member countries and $12.7 billion invested across Africa since inception, AFC is committed to addressing Africa’s infrastructure development needs and driving sustainable economic growth. (Source: www.AfricaFC.org)
About SMDF:
The Solid Minerals Development Fund is a sovereign Fund established by the Government of Nigeria to drive and catalyse private sector-led investments in Nigeria’s mining sector. With a mandate to promote the growth of Nigeria’s mining sector and improve economic parameters, SMDF is dedicated to unlocking financing to drive economic development and diversification. (Source: www.SMDF.gov.ng)
