The Solid Minerals Development Fund, SMDF, is partnering with the Ore Reserves Development Forum, ORDF, to improve access to finance within Nigeria’s mining sector.
This was contained in a statement signed by Abdulmajeed Amussah, Technical Adviser to the Executive Secretary of the SMDF, in Abuja.
According to the statement, a national workshop will be convened to address long-standing challenges that have made it difficult for miners, especially early-stage operators, to secure funding.
“The upcoming workshop, titled ‘Building a Sustainable Mining Finance Framework for Nigeria,’ is expected to bring together miners, government agencies, financial institutions, regulators, and technical experts,” Amussah states.
The statement explains that for years, stakeholders have noted that investment in Nigeria’s mining industry has remained limited due to low confidence in geological and project data.
It stresses that investors often require reliable, transparent reporting before committing capital, and the absence of such standards has slowed project development across the country.
The statement further emphasizes that participants will examine the link between data reliability, project transparency, and investor decision-making.
It adds that the Chairman of the Forum, Uba Saidu Malami, emphasised that while Nigeria’s mineral potential is significant, many viable projects fail to attract funding because available information does not meet investors’ expectations.
The statement quotes the ORDF as saying that improving the quality and consistency of mineral reporting is central to building trust within the financial community.
It stresses that discussions at the workshop will cover reporting standards, financing pathways from exploration to production, and policy measures that can reduce risk for both miners and lenders.
“Stakeholders will also explore how a more structured and predictable finance system can support the government’s broader industrial development goals”
“A key expected outcome is the development of a draft Mining Finance Framework that will serve as a guiding document for future investment processes. The draft will later be reviewed and refined by a technical working group drawn from across the mining value chain”
The statement adds that the ORDF emerged from the Geological Society of Nigeria, GSN, which brought together technical, regulatory, financial, trade, and policy experts to critically examine barriers to unlocking the potential of Nigeria’s solid minerals endowment.
“It became resoundingly clear that bridging gaps in ore reserve classification, technical capacity, and structured financing, particularly through the capital market, requires a collaborative and multisectoral approach anchored on sound industrial policy and a sustainable investment framework,” it states.
