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FG To Derisk Mining Sector

The Federal Government, through the Solid Minerals Development Fund, is making efforts to derisk the country’s mining sector and attract investments.

The SMDF said it partnered with the Africa Finance Corporation to establish a portal for mining project sponsors, which would be managed by PWC.

Speaking on the sidelines of the Nigerian Mining Week in Abuja on Tuesday, the Executive Secretary and Chief Executive Officer of Solid Minerals Development Fund, Fatima Shinkafi, noted that there was a funding challenge for operators in the country’s mining sector.

“We all know that the difficulties associated with mining projects in Nigeria has to do with raising capital,” she said.

Mining operators were expected to leverage the proposed portal for funding and investment opportunities.

The partnership with AFC has also led to the introduction of an investment manual, which would provide insights and guides to mining project sponsors in the country.

Also speaking on the collaboration, the President of the AFC, Samaila Zubairu, said, “We are excited to partner with the Solid Minerals Development Fund of Nigeria to derisk the country’s mining sector. This collaboration signifies our commitment to unlock the vast potential of Nigeria’s mineral resources by leveraging the wealth of our renewable energy sources for local processing, thus fostering sustainable development and economic prosperity to Nigeria and Africa.”

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The Minister of Solid Mineral Development, Dele Alake, noted that the Federal Government planned to completely stop the export of raw minerals from the country.

Source: Punch

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