Nigeria’s Solid Minerals Sector Set for Revenue Boom as Africa Finance Corporation Partners with Ministry
Nigeria’s solid minerals sector holds immense potential for becoming the country’s highest revenue source, and the Africa Finance Corporation (AFC) has stepped in to support the Tinubu Administration’s efforts in transforming this sector. Dr. Oladele Alake, the Honorable Minister of Solid Minerals Development, expressed his appreciation for the AFC’s commitment during a recent meeting with Mr. Samaila Zubairu, the President and CEO of the AFC.
Dr. Alake emphasized the importance of accurate data in attracting investors and making informed decisions. He stated that the Ministry is determined to invest heavily in data generation to unlock the $700 billion worth of minerals under Nigeria’s ground. Recognizing the need for reliable data to drive the sector’s growth, the Minister highlighted the administration’s shift from fossil fuels to solid minerals as a viable alternative.
President Bola Ahmed Tinubu established the Ministry and formulated policies to promote the development of the solid minerals sector, aligning it with Nigeria’s economic growth and prosperity goals. Dr. Alake assured Mr. Zubairu of the Ministry’s cooperation and collaboration in implementing the AFC’s roadmap, aligned with the recent transformation agenda launched by the Ministry to increase government revenue.
Mr. Zubairu, in turn, stressed the importance of collaborating with the Ministry to tap into Nigeria’s vast reserves of solid minerals. Acknowledging the significant quantum and value of these resources, he advocated for a framework that supports local investors and reduces investment risks in the mining sector. The AFC pledged its support for initiatives such as the BiG Data project, value-added processing centers, the reduction of insecurity, and the empowerment of indigenous mining companies. The AFC’s successful support for Segilola has already demonstrated the potential of indigenous companies in the mining sector.
This partnership between the AFC and the Ministry of Solid Minerals Development is poised to unlock the enormous revenue potential of Nigeria’s solid minerals sector. By focusing on data generation, collaboration with local investors, and the development of mining projects, Nigeria can boost its economy and pave the way for sustainable growth. With the combined efforts of the AFC and the Ministry, the solid minerals sector is primed for a revenue boom, contributing significantly to Nigeria’s economic development.
