Alake welcomes AFC support for solid minerals sector

by MMC
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Hon. Minister of Solid Minerals Development, Dr. Oladele Alake, exchanging views with Mr. Samaila Zubairu, President/Chief Executive Officer, Africa Finance Cooperation

The Minister of Solid Minerals, 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 largest revenue generator.

Alake made this known during the business visit of the Chairman and Managing Director of Africa Finance Corporation, Mr. Samaila Zubairu, to his office in Abuja on Tuesday.

Speaking on the administration’s commitment to collecting accurate data on minerals, Alake said all efforts made through policy initiatives and programs to make Nigeria a destination for solid minerals will be in vain if the country does not improve data collection.
“We will invest heavily in generating data, concise and accurate data that will enable investors to make informed decisions.”

“The ministry is committed to developing the data needed to advance the value of $700 billion underground as part of the Big Data strategy,” the minister said.

Dr. Alake asserted that the current administration has decided to shift its focus from fossil fuels and attendant climate challenges to solid minerals as a viable alternative.
“President Bola Ahmed Tinubu decided to establish the ministry, empower it and develop policies to make it beneficial to Nigerians,” Dr Alake said.

While recognizing the strong partnership between the Africa Finance Corporation and the Solid Minerals Development Fund aimed at identifying and supporting development-stage mining projects in Nigeria, the Minister said the visit by the CEO of Africa Finance Corporation demonstrates to how essential the mining sector is to Nigeria. economic growth and prosperity.

Dr. Alake assured Mr. Samaila Zubairu that the ministry would cooperate and collaborate with the Africa Finance Corporation to make the organization’s roadmap achievable in tandem with the transformation program recently launched by the ministry to increase revenues. in government, among others.

Speaking earlier, the Chairman and Managing Director of Africa Finance Corporation, Mr. Samaila Zubairu, said the quantity and value of Nigeria’s solid minerals made it imperative to develop a collaborative framework with the ministry to the growth of the sector.

Furthermore, he advocated the formulation of a framework that would support local investors through development banks, in order to reduce the risks associated with investments in the mining sector, with positive implications on increasing the country’s tax revenue.

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

He revealed that AFC’s support for Segilola allowed him to prove that an indigenous company could succeed in the mining sector.

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