***Senate promises to support the Fund through appropriate legislation
The Executive Secretary and Chief Executive Officer of the Solid Minerals Development Fund, Fatima Shinkafi, has indicated that the major focus of the fund is to grow it by attracting foreign investment, increasing export proceeds as well as creating jobs for Nigerians
Shinkafi who spoke while addressing journalists after a strategic meeting with the Senate Committee on Solid Minerals, chaired by Senator Sampson Ekong (Akwa Ibom South) said it is sole reason of their partnership with African Finance Corporation.
According to her, SMDF’s partnership with African Finance Corporation (AFC) is to deploy more resources for the generation of more geo scientific-data that will assist investors in making informed decisions on critical minerals.
She said “last year, we signed a key partnership agreement with the African Finance Corporation to fund Greenfield exploration, which is a data driven project that will attract investment into the sector”, adding “we have several artisanal projects as well; 80% of the sector is currently artisanal”
“Our focus is to grow fund to impact and create jobs to mitigate against the current economic situation, to increase forex earnings from exports.
“If we can increase the critical mass of investment and export proceeds, we can increase our Forex and strengthen the naira”.
In his submission, Senator Sampson Ekong who is the Chairman, Senate Committee on Solid minerals highlighted the areas in which the Committee through legislation, will collaborate with SMDF to strengthen the current policy which is guiding Solid Mineral Development Fund and as well perform its oversight function.
Ekong said they are committed to working closely with key players so that they can drive the sector forward. “I have been very clear that God in his benevolence has been very merciful to Nigeria”, adding “we are so richly endowed for our people and for Africa”.
The Akwa Ibom senator said what the committee did was to look at the gaps and see how those gaps can be addressed in terms of the legal framework, policy and its implementation, adding that through the partnership, they are going to “explore areas of collaboration that will lay a strong foundation for growth”.
