Home » Alake hails AFC support for solid minerals sector

Alake hails AFC support for solid minerals sector

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Dele Alake

Solid Minerals Minister Oladele Alake has commended the 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.

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

Alaba Balogun, the head of press and public relations in the Ministry of Solid Minerals Development, emphasized the government’s dedication to gathering accurate data on minerals.

Alake, speaking on behalf of the ministry, highlighted that all efforts to position Nigeria as a solid minerals hub through policies, initiatives, and programs would be in vain if the nation did not enhance its data collection processes.

He said: ”We will invest heavily in data generation, concise and precise data generation that will empower and enable investors to 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.”

Alake asserted that the present administration decided to shift attention from fossil fuel and its attendant climatic challenges to solid minerals as viable alternatives.

Alake stated: ”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, 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.

Alake assured Samaila Zubairu that the Ministry will cooperate and collaborate with the Africa Finance Corporation to make the organization’s 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 of Africa Finance Corporation, 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 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.

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