FG, AFC collaborate to gather geoscience data, process minerals 

BY FRANCIS KADIRI, ABUJA.

In furtherance of its commitment to reposition and sanitize the solid minerals sector of the economy, the Federal Government through the Ministry of Solid Minerals Development will partner with the Africa Finance Corporation in data gathering to de-risk investment in the mining sector.Minister for Solid Minerals, Dr Oladele Alake made this known during the visit by the President/CEO Africa Finance Corporation, Mr Samaila Zubairu.

Riding on the existing robust partnership between the AFC and the Solid Minerals Development Fund, an agency of the Ministry, Dr Alake said the Ministry will consolidate on this partnership
to develop data needed to advance the $700bn value under the ground under the big data strategy.

He explained that efforts are being made through policies and programmes to make Nigeria a destination for Solid Minerals Development. He said the efforts will be futile if the nation does not improve on data gathering. He therefore assured that Nigeria will invest heavily in mineral exploration for data generation, concise and precise data generation that will enable investors to make informed decisions.

The Minister seized the opportunity to hint at initiatives by the SMDF and the AFC to catalyze the development of the mineral sector under their partnership. He stated: “These initiatives directly support President Bola Ahmed Tinubu’s renewed hope agenda, particularly in foreign direct investment, job creation and increased fiscal revenues,” adding that the agreement is a critical win under the recently announced Transformation Agenda as it directly supports establishing processing centres to focus on value-added products.

While acknowledging the growing partnership between the Africa Finance Corporation and Solid Minerals Development Fund aimed at identifying and supporting development-stage mining projects in Nigeria, Dr Alake said the visit of the CEO of AFC signposts how critical the mining sector is to Nigeria’s economic growth and prosperity.Earlier, the President and Chief Executive Officer, Africa Finance Corporation, Mr Samaila Zubairu said the quantum and value of Nigeria’s solid minerals has made it imperative to develop a framework of partnering with the Ministry to grow the sector for rapid economic development of the country.

Furthermore, the AFC President pledged the corporation’s support for the large scale data project, value added processing centers, curbing insecurity and support for local mining companies in the country.