- The federal government plans to partner with the Africa Finance Corporation to gather data for de-risking mining investments in Nigeria
- Collaboration aims to harness Nigeria’s $700 billion untapped underground mineral resources and boost economic development
The federal government has announced plans to collaborate with the Africa Finance Corporation to collect data that will be used to de-risk mining investment.
Dr. Oladele Alake, Minister of Solid Minerals, said in a statement yesterday that the country is consolidating partnerships to develop the necessary data to advance the $700 billion value under the ground resources that the country has yet to explore.
During a visit by the President/CEO of Africa Finance Corporation, Samaila Zubairu, Alake explained that all efforts to make Nigeria a destination for solid minerals development through policies and programs would be futile if the country did not improve on data.
These initiatives directly support Mr. President’s renewed hope agenda, especially regarding foreign direct investment, job creation, and increased fiscal revenues,” he said. The agreement is a critical victory under the recently announced transformation agenda because it directly supports establishing processing centers focused on value-added products’.
Earlier, Zubairu stated that the quantity and value of Nigeria’s solid minerals make it imperative to develop a framework of collaboration with the ministry to grow the sector for the country’s rapid economic development.
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