Mining: Solid Minerals Development Fund partners Senate,others to attract foreign investments

The Executive Secretary and CEO, Solid Minerals Development Fund SMDF, Fatima Shinkafi,said that the Fund was working with relevant stakeholders including Nigeria Senate to explore investment opportunities in the Mining Sector of the country.

She said major focus of SMDF was to create competitive investment and grow the fund by attracting foreign investment, increasing export proceeds and as well, create jobs for Nigerians, hence the partnership with African Finance Corporation.


Shinkafi stated this while addressing journalists after a strategic meeting with the Senate Committee on Solid Minerals, chaired by Senator Sampson Ekong (Akwa Ibom South) in the National Assembly.


According to her, SMDF’s partnership with African Finance Corporation (AFC) was to deploy more resources for the generation of more geo scientific-data that will assist investors in making informed decisions on critical minerals.


She said “last year, we signed a key partnership agreement with the African Finance Corporation to fund Greenfield exploration, which is a data driven project that will attract investment into the sector”, adding “we have several artisanal projects as well; 80% of the sector is currently artisanal”


“Our focus is to grow fund to impact and create jobs to mitigate against the current economic situation, to increase forex earnings from exports.


“If we can increase the critical mass of investment and export proceeds, we can increase our Forex and strengthen the naira”.


The Chairman of the Senate Committee on Solid Minerals Senator Sampson Ekong in his remarks highlighted the areas in which the Committee through legislation, will collaborate with SMDF to strengthen the current policy which is guiding Solid Mineral Development Fund and as well perform its oversight function.


Ekong said the committee is committed to working closely with key players to drive the mining sector forward.


“I have been very clear that God in his benevolence has been very merciful to Nigeria

“we are so richly endowed for our people and for Africa”Ekong stated.


Senator Ekong further said that what the committee did was to look at the gaps and see how those gaps can be addressed in terms of the legal framework, policy and its implementation.

“through the partnership, we will explore areas of collaboration that will lay a strong foundation for growth”Senator Ekong further stated.


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