The Solid Minerals Development Fund (SMDF) has partnered with the National Association of Securities Dealers (NASD) to boost capital investment for the solid minerals sector.
This partnership was announced at a webinar co-hosted by SMDF and NASD on Wednesday, July 30, 2025.
According to Dele Alake, Minister of Solid Minerals Development, who was represented by Amira Waziri, Senior Special Advisor to the Minister, “mobilising long-term financing is crucial to scaling up production in the sector.”
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The minister highlighted the Ministry’s efforts to strengthen the sector through its 7-point agenda, which includes establishing the Nigeria Solid Minerals Company, creating Mines Marshals, generating comprehensive geopolitical data, formalising artisanal and small-scale miners, attracting large-scale foreign investment and engaging with host communities.
Fatima Umaru Shinkafi, Executive Secretary of SMDF, represented by Abdulamajeed Amussah, Technical Advisor to the Executive Secretary, stated that the purpose of the webinar was to “synergise with the capital market while leveraging current technologies to unlock the potentials in the solid minerals sector.”
Shinkafi noted that SMDF is keying into the sector’s 7-point agenda by engaging in joint ventures with mining multinationals, training and empowering indigenous mining cooperatives and companies, and increasing funds to promote empowerment of indigenous miners.
Eguarekhide Longe, MD/CEO of NASD, emphasised Nigeria’s endowment with over 40 mineral types spread across 36 States and the FCT. However, he noted that the sector contributes less than 1% to GDP, compared to other mining countries.
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Longe expressed optimism that the sector holds great potential if harnessed over the next decade and highlighted the many opportunities in the capital market, including equity instruments, debt instruments, asset-backed securities, mezzanine blends, and convertible instruments.
Martins Imonite, MD/CEO of the Nigeria Solid Minerals Company, recognised the need for integrating the capital market into the solid minerals sector as essential to attracting both local and international investment.
The partnership between SMDF and NASD aims to address the challenges faced by the sector, including short-term focus, limited understanding of the mining development cycle, and inadequate project structuring.
