Federal Government Collaborates with Africa Finance Corporation to Derisk Mining Sector and Increase Security Technology Budget
The Solid Minerals Development Fund, an agency under the Federal Government, has announced its partnership with the Africa Finance Corporation to address the funding challenges faced by operators in the mining sector. The collaboration aims to establish a portal for mining project sponsors, with professional services firm PWC set to manage it.
At the Nigerian Mining Week in Abuja, the Executive Secretary and Chief Executive Officer of the Solid Minerals Development Fund, Fatima Shinkafi, highlighted the difficulties associated with raising capital for mining projects in Nigeria. She emphasized the need to attract investments to the sector, which has been hindered by funding constraints.
In line with this objective, mining operators are expected to utilize the proposed portal to explore funding and investment opportunities. Furthermore, the partnership with the Africa Finance Corporation has led to the creation of an investment manual, which will serve as a valuable resource for mining project sponsors in the country.
The President of the Africa Finance Corporation, Samaila Zubairu, expressed his enthusiasm about the collaboration, emphasizing the organization’s commitment to unlocking Nigeria’s mineral resources. He underscored the significance of leveraging renewable energy sources for local processing as a means to promote sustainable development and economic prosperity in Nigeria and Africa at large.
Additionally, the Minister of Solid Mineral Development, Dele Alake, revealed the Federal Government’s plan to halt the export of raw minerals from the country. This initiative aligns with the objective of promoting local processing and adding value to the nation’s mineral resources.
The efforts to derisk the mining sector and attract investments are crucial steps in enhancing the sustainability and growth of the industry. The collaborative endeavours of the Solid Minerals Development Fund, Africa Finance Corporation, and other stakeholders reflect a shared vision of fostering economic development and prosperity in Nigeria.
As the country seeks to bolster its mining sector, it is imperative to address the funding challenges and create an enabling environment for investments. By leveraging partnerships and strategic initiatives, Nigeria can harness its mineral resources for the benefit of its economy.
The commitment of the Federal Government to promote local processing of minerals and enhance the security technology budget underscores its dedication to the development and sustainable growth of the mining sector.
In conclusion, the collaboration between the Solid Minerals Development Fund and the Africa Finance Corporation signifies a significant step towards addressing the funding challenges in Nigeria’s mining sector. It is a testament to the collective efforts aimed at promoting sustainable development and unlocking the potential of the country’s mineral resources.
