Dr. Oladele Alake, the Minister of Solid Minerals, has expressed his appreciation to the Africa Finance Corporation (AFC) for its invaluable support in realising the Tinubu Administration’s vision of elevating the solid minerals sector to become Nigeria’s foremost revenue generator.
Alake conveyed his sentiments during a business meeting with Mr. Samaila Zubairu, the President and Chief Executive Officer of Africa Finance Corporation, held at his office in Abuja.
Highlighting the administration’s commitment to acquiring accurate mineral data, Alake stressed the pivotal role that precise data plays in attracting investors and fostering informed decision-making.
He emphasised the ministry’s resolve to heavily invest in generating concise and precise data to empower potential investors.
“We are committed to developing the necessary data needed to advance the $700 billion value under the big data strategy,” the minister affirmed.
Alake emphasised the administration’s strategic shift from fossil fuels to solid minerals as a viable alternative, noting President Bola Ahmed Tinubu’s proactive approach in establishing the ministry and formulating policies to benefit Nigerians.
Acknowledging the robust 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 underscored the significance of Mr. Samaila Zubairu’s visit.
He assured the AFC CEO of the ministry’s commitment to collaborate closely to align with the recently launched transformation agenda, with a focus on increasing government revenue.
In his address, Mr. Samaila Zubairu, President and Chief Executive Officer of Africa Finance Corporation, highlighted the immense potential and value of Nigeria’s solid minerals sector.
He emphasised the need for a collaborative framework with the ministry to foster sectoral growth.
Furthermore, Mr. Zubairu advocated for a framework that would support local investors through development banks to mitigate investment risks in the mining sector, ultimately leading to increased tax revenues for the country.
The AFC CEO pledged the corporation’s unwavering support for various initiatives, including the Big Data project, value-added processing centres, enhanced security measures, and backing for indigenous mining companies.
Additionally, he commended the success of the AFC’s support for Segilola, an indigenous mining company, which showcased the potential for local companies to excel in the mining sector.