Data gathering and concerted efforts to de-risk investment in the mining sector has come to the forefront as the federal government of Nigeria partners Africa Finance Corporation (AFC) in a deal targeted at repositioning the country’s solid minerals sector.
This is in pursuance of the Minister of Solid Minerals Development, Dele Alake’s avowed commitment to put the sector on a higher pedestal of revenue generation.
At the visit of President/CEO Africa Finance Corporation, Mr Samaila Zubairu to the Ministry, Alake noted that the Ministry under his watch will consolidate on the existing partnership between AFC and Solid Minerals Development Fund, an agency of the Ministry to develop the needed data in advancing the $700bn value of Nigeria’s solid mineral sector under the big data strategy, one of the pillars he has underlined to advance the sector.
Efforts are ongoing through policies and programmes to make Nigeria a destination for Solid Minerals Development, the Minister assured and was equally quick to add that such efforts will be of no value if the nation does not improve data gathering
He reiterated the readiness of the federal government to deploy adequate resources in the area of mineral exploration for data generation that would arouse the interest of investors.
“These initiatives directly support President Bola Ahmed Tinubu’s Renewed Hope agenda, particularly in foreign direct investment, job creation and increased fiscal revenues,” he stated while hailing the partnership between AFC and Solid Minerals Development Fund targeted at harnessing the potentials in the sector.
Alake applauded the visit of the AFC boss which he said is a clear indication that the mining sector plays a pivotal role in Nigeria’s economic growth and prosperity.
Earlier in his remarks, Dr. Zubairu said his organisation has critically reviewed the country’s mineral sector and its potentials, arriving at the conclusion that this partnership will accelerate Nigeria’s economic development even as he assured that upscaling the available data will remain the cardinal objective of this collaboration.
