Pan-African infrastructure solutions provider, the African Finance Corporation (AFC) has signed a memorandum of understanding (MoU) with Nigerian government fund, the Solid Minerals Development Fund (SMDF) that will see the parties collaborate on securing private sector funding and technical advisory services to kickstart new projects across the commercial mining industry in Nigeria.
The MoU aims to address financing challenges while leveraging the AFC’s development expertise to drive new project developments.
By mitigating risks that would have previously prevented projects from securing finance, the AFC-SMDF partnership aims to unlock the full potential of the Nigerian commercial mining industry.
“AFC is a premier investor in Nigeria’s mining sector, a top priority for the Federal Government to attract Foreign Direct Investment and drive diversification of the economy,” stated Sameh Shenouda, Executive Director and Chief Investment Officer, AFC.
“This partnership with the SMDF will enable the corporation to continue to drive the closure of bankable mining projects that are critical to Africa’s economic diversification efforts, value addition and the energy transition.”
With the MoU, the AFC and SMDF will focus on creating a pipeline of high-quality and feasible commercial mine projects that offer opportunities for long-term economic growth.
