Nigerian Economy: Minister applauds AFC for supporting Solid Minerals sector

*Dr. Oladele Alake, Minister for Solid Minerals Development, commends Africa Finance Corporation for supporting the President Bola Ahmed Tinubu’s administration efforts at transforming the solid minerals sector into the country’s highest source of revenue

Alexander Davis | ConsumerConnect

The Federal Government has commended Africa Finance Corporation (AFC) for supporting the President Bola Ahmed Tinubu’s administration in its agenda to transform the solid minerals sector into the country’s highest source of revenue.

Dr. Oladele Alake, Honourable Minister for Solid Minerals Development, said this during the business visit of Mr. Samaila Zubairu, President and Chief Executive Officer (CEO) of AFC to the former’s office Tuesday, October 3, 2023, in Abuja, FCT.

Alaba Balogun, Head of Press and Public Relations at Ministry of Solid Minerals Development, stated that the Minister spoke on the current administration’s commitment to gathering precise data on minerals in Nigeria.

Alake stated that every  efforts being made through policies initiatives and programmes to make the country a destination for solid minerals would be futile if Nigeria 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.

According to him, the present administration decided to shift attention from fossil fuel and its attendant climatic challenges to solid minerals as viable alternative.

The Minister also noted: “President Bola Ahmed Tinubu decided to create the Ministry, empower it, and develop policies to make it advantageous to Nigerians.”

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, Alake asserted that the AFC CEO’s visit signposts how critical the mining sector is to Nigeria’s economic growth and prosperity.

The Minister, therefore, assured Zubairu, that the Ministry of Solid Minerals Development would cooperate and collaborate with the Africa Finance Corporation to make the organisations roadmap actionable in tandem with the transformation agenda.

ConsumerConnect reports the Minister recently launched sectorial transformation agenda aimed at increasing revenue accruable to the government among others.

AFC committed to BiG Data project, value addition: Zubairu

Earlier, the President and CEO Africa Finance Corporation, had opined that the quantum and value of Nigeria’s solid minerals have made it imperative to develop a framework of collaborating with the Ministry for the growth of the sector in the West African country.

He as well advocated the formulation of a framework that would support local investors by development banks, to de-risk investment in the mining sector with a  positive implication on increasing tax earnings for  Nigeria.

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

The AFC’s support for Segilola Gold Mining  Company enabled the firm to prove that an indigenous company could succeed in the mining sector of the country’s economy, stated Zubairu.