MINING: FG repositioning SMDF for improved funding, says Board Chair, Malami


  • Says President Buhari’s re-election is endorsement of govt’s laudable policies

The re-election of President Muhammadu Buhari is an impetus that has opened the gateways to the realisation of the long-standing aspiration of the country to revive the Nigerian mining sector, such that it becomes a reliable source of revenue generation, the Chairman, Board of the Solid Minerals Development Fund, Alh Uba Saidu Malami has said.

Malami, who made the statement at a media roundtable on Wednesday, in Abuja, said the Solid Mineral Development Fund has been repositioned to play a vital role alongside other agencies of government.

He called on commercially resourceful youth and investors to take advantage of the employment opportunities afforded by the mining sector through support from the Fund, saying that there is role for people who desire to play a role in the goal of diversifying the Nigerian economy through development of mining activities.

He assured prospective investors of a fully reinvigorated SMDF, saying the Fund will actively support the sector with proactive programmes, collaborations and engagement of local and international stakeholders.

He explained that “through the execution of the carefully thought-out plans articulated in the Roadmap for the Growth and Development of the Nigerian Mining Sector,” the administration was able to demonstrate ideological commitment to development of the sector, while also matching words with action by effective implementation of the Roadmap.

The Chairman said: “The policies of the President Buhari administration has strengthened the confidence of investors in the mining sector, it has also invigorated the confidence of the public in the viability of the solid minerals sector to diversify the Nigerian economy,” adding that President Buhari’s re-election has given expression to the much-desired policy stability in the mining sector.

While saying that Nigeria will continue to benefit from policy stability created by the administration, the Board Chairman noting that policy stability has established investor confidence needed to grow Nigeria into a global mining destination.

Malami called on local and foreign investors to take advantage of the investment-friendly policies and programmes of the administration which he said, “have come to stay,” adding that “the electoral victory of President Muhammadu Buhari should be correctly regarded as the people’s ratification of the policies of the administration.”

He pointed out that prior to the coming on board of President Muhammadu Buhari, frequent changes of governments along with their policy thrusts became a nightmare for investors. He however said that the Buhari administration has been able to change the game.

He said: “President Buhari has changed the game, policies will be continued because Nigerians bear witness to the effectiveness of the policies.”

He further urged the mining investment community to take advantage of several incentives granted to mining investors, and join forces with the government to sustainably develop the solid minerals sector.

While saying the “SMDF will mark its mid-term milestone soon,” the Chairman added that the Fund will issue a mid-term report in which the efforts and challenges of the period under review will be discussed, as well as new strategies that will be deployed to improve funding mechanisms.

He commended the management team of the Fund, led by the Executive Secretary, Hajia Fatima Shinkafi, saying that management has been able to place the Fund as a priority organisation that will stay committed to the development of the sector.

Leave a Reply