The Solid Minerals Development Fund (SMDF) has officially begun accepting applications for early-stage exploration funding, aiming to support mineral exploration in Nigeria.
The Executive Secretary of SMDF, Hajia Fatima Shinkafi made this known on Monday, 4th November, 2024 when she received in audience the Senate Committee on Solid Minerals who were on oversight visit to the agency.
While briefing the Committee on the agency’s recent accomplishments, Shinkafi highlighted SMDF’s progress in early-stage exploration funding. “Our greatest recent achievement is the success we have achieved in early-stage exploration funding,” she stated. “We are generating essential geoscientific data and now have a facility for the private sector to support early-stage exploration.”
She emphasized that Nigeria’s current stage in the mining sector mirrors where the oil and gas industry was in the early 1970s, with efforts primarily focused on gathering data and identifying mineral reserves. “We are still working to generate vital information on our deposits, which is essential to attracting both local and foreign direct investment,” Shinkafi explained.
The Executive Secretary also expressed gratitude for the support and visionary leadership of the President and the Honourable Minister of Mines and Steel Development, Dr. Dele Alake. “Their commitment to building a strong foundation for the mining sector has empowered us to pursue these advancements in mineral exploration. Their backing is crucial to fulfilling our mission to drive sustainable growth in the sector,” she remarked.
Highlighting a partnership with a Development Finance Institution (DFI) that began in 2023, she noted that this collaboration has, for the first time, enabled the funding of early-stage exploration, marking a significant milestone for the agency. She also underscored the government’s role in “de-risking” exploration activities and mitigating potential risks to make the sector more attractive to investors.
She called for continued support from the Senate and a strengthened partnership between the legislative and the executive arm of government to advance the sector’s development.
In his remarks, the Chairman of the Senate Committee on Solid Minerals, Senator Sampson Ekong, commended Shinkafi for her professionalism and respect that she has always accorded the Committee and the Senate as an institution. “Whenever we invite her, she personally attends and cooperates fully with the Committee. This kind of collaboration is vital to advancing the reform agenda of the current administration,” he said.
Senator Ekong highlighted the essential role of SMDF within the mining sector and assured Shinkafi of the Committee’s ongoing support. He also appreciated SMDF for providing necessary documentation to facilitate their oversight function. “I am pleased to see that you have prepared your presentation thoroughly. We will review the materials and follow up with any questions, confident in your willingness to engage and respond as needed,” he concluded.
This oversight visit underscores the alignment between SMDF’s mission and the legislative body’s goals for advancing Nigeria’s mining industry.
Idowu Jokpeyibo
Head, Corporate Communications
SMDF
