The Federal Government, through the Ministry of Solid Minerals Development, has collaborated with the Africa Finance Corporation on data collection to de-risk mining investment.
The Punch reported that the alliance has been designed to reposition and clean up the solid minerals industry.
The Minister for Solid Minerals, Dr. Oladele Alake, said this during the visit of the President/CEO of the Africa Finance Corporation, Mr. Samaila Zubairu.
Dr. Alake cited the current collaboration between the AFC and Solid Minerals Development Fund and stated that “the Ministry will consolidate on this partnership to develop the necessary data needed to advance the $700bn value under the big data strategy.”
Further explaining, the Minister said that unless data collection in the country improves, all policies and programs aimed at making Nigeria a destination for solid mineral development will be ineffective. “We will invest heavily in data generation, concise and precise data generation that will enable investors to make informed decisions,” Dr. Alake remarked.
The Minister took advantage of the opportunity to mention plans by the SMDF and the AFC to spur the growth of the mineral sector as part of their collaboration.
“These initiatives directly support the renewed hope agenda of Mr. President, particularly in terms of foreign direct investment, job creation, and increased tax revenues.
The agreement immediately supports the establishment of processing centers that concentrate on value-added products, making it a significant victory under the recently unveiled Transformation Agenda.
