Alake hails AFC support for Solid Minerals sector

Solid Minerals Minister Dr.Oladele Alake has commended Africa Finance Corporation for supporting the Tinubu Administration in its agenda to transform the solid minerals sector into the country’s highest source of revenue.

Alake made this known during the business visit of the President and Chief Executive Officer, Africa Finance Corporation, Mr Samaila Zubairu to his office in Abuja on Tuesday.

Speaking on the administration’s commitment to gather precise data on minerals, Alake stated that every efforts being made through policies initiatives and programmes to make Nigeria a destination for Solid Minerals will be futile if the nation didn’t improve on data gathering.
”We will invest heavily in data generation, concise and precise data generation that will empower and enable investors make informed decisions”.

”The Ministry is committed to developing the necessary data needed to advance the $700 billion value under the ground under the big data strategy”, the Minister affirmed.

Dr Alake asserted that the present administration decided to shift attention from fossil fuel and it’s attendant climatic challenges to solid minerals as viable alternative.
” President Bola Ahmed Tinubu decided to create the ministry, empower it, and develop policies to make it advantageous to Nigerians”,Dr Alake stated.

While acknowledging the robust partnership between the Africa Finance Corporation and Solid Minerals Development Fund aimed at identifying and supporting development -stage mining projects in Nigeria, the Minister said, the visit of the CEO of Africa Finance Corporation signposts how critical the mining sector is to Nigeria’s economic growth and prosperity.

Dr Alake assured Mr Samaila Zubairu that the Ministry will cooperate and collaborate with the Africa Finance Corporation to make the organizations roadmap actionable in tandem with the transformation agenda launched recently by the Ministry to increase revenue accruable to the government amongst others.

Speaking earlier, the President and Chief Executive Officer, Africa Finance Corporation, Mr Samaila Zubairu stated that the quantum and value of Nigeria’s solid minerals has made it imperative to develop a framework of collaborating with the Ministry for the growth of the sector.

Furthermore, he advocated the formulation of a framework that will support local investors by development banks, to de-risk investment in the mining sector with a positive implications on increasing tax earnings for the country.

The AFC boss pledged the corporation’s support for the BiG Data project, value added processing centres, reduction of insecurity and support for indigenous mining companies.

He disclosed that the AFC’s support for Segilola enabled it to prove that an indigenous company could succeed in the mining sector.

Alaba Balogun
Head, Press & Public Relations
Ministry of Solid Minerals Devpt

4 October 2023