The Executive Secretary and Chief Executive Officer (CEO) of Solid Minerals Development Fund, Fatima Umaru Shinkafi, has stated that Nigeria accounts for less than 0.5 per cent of the global exploration budget,
Speaking at the signing ceremony between Africa Finance Corporation (AFC), the leading infrastructure provider on the continent, the Solid Minerals Development Fund of Nigeria (SMDF), a Nigerian mining-focused development fund, and Xcalibur Multiphysics (Xcalibur), a leader in airborne geophysics, aimed at boosting the nation’s mining sector on the sidelines of the ongoing Nigerian Mining Week, Shikafi pointed out that over 90 per cent of Nigeria remains are underexplored, with significant potential to discover and increase existing deposits.
Recall that the three institutions have concluded plans to establish a comprehensive database that would showcase Nigeria’s resource potential, thus encouraging long-term investment from banks, mining firms, financial institutions, and individuals.
The collaboration would also pursue initiatives that enhance the availability of Nigeria’s geological data to interested investors across the globe and design an exploration program for mapping the country’s subterranean mineral wealth.
Shinkafi said increased exploration activity is crucial to realising the benefits of the country’s geological endowment and supporting a pipeline of new projects to market.
“Given that Nigeria accounts for less than 0.5 per cent of the global exploration budget, our partnership with AFC and Xcalibur will act as a stimulus for resource exploration activity, derisk resource exploration in Nigeria, and increase the global appeal of Nigeria as a resource exploration destination.
President and Chief Executive Officer of AFC, Samaila Zubairu, said Nigeria’s abundant natural resources provide a promising foundation for growth and development.
However, he stated that there is currently a limited understanding of the vast underground mineral wealth within the country.
“In order to address this, our collaboration with SMDF and Xcalibur seeks to significantly improve the availability of high-quality geomapping data. This ambitious initiative will not only attract valuable mining investments but also pave the way for the development of critical mineral resources in Nigeria with intentional focus on value capture and retention in line with the minerals value chain policy in the country. Ultimately, our goal is to establish Nigeria as a pivotal player in the global energy transition.”
VP Financing and Middle East Director of Xcalibur Multiphysics, Dario Castellanos, said:” We are thrilled to join forces with the AFC and the SMDF in this groundbreaking project to enhance geophysical data in Nigeria. Our collaboration will bolster the availability of high-quality geophysical data that will attract mining investments and contribute to the development of critical mineral resources in the country.
“We believe that this initiative will be instrumental in establishing Nigeria as a pivotal player in the global energy transition, and we are fully committed to the success of this exciting project.”
