By ABAH SUNDAY, Abuja
The Nigerian Solid Minerals Development Fund (SMDF) is to partner the Nigerian Senate in the effort to mitigate the current sorry state of the nation’s economy.
The Executive Secretary (ES)of Solid Minerals Development Fund, Mrs Fatima Umaru Shinkafi, made this known on Thursday to newsmen after a successful meeting with the Senate Committee on Sold Minerals, chaired by Senator Ekong Sampson, in Abuja.
Mrs Fatima said that the robust engagement with the Senate will grow funds for the nation, impact positively on the society and create more jobs, according to report obtained by SUMMIT POST NEWS.
“We gave a brief information of where we are and where we want to be, as well as the support that we need from them and the partnership that we want to forge with the legislative arm.
“The committee was very helpful. They listened; they asked questions. And that collaboration is a work in progress; it will continue; this is not a one-off visit.
On how the agency could assist in tackling the myriad of challenges confronting the country’s economy, The Executive Secretary who regretted the plunging value of the naira said the fund would facilitate massive investments and turn in export proceeds.
“We can increase our dollar inflow. It will strengthen the naira, and if we mop up the minerals we have using the supply of naira that we have access to, it’s like an exchange or a swap for foreign exchange and that inevitably will bring down the cost of the dollar in the country.
“Last year we signed a key partnership agreement with the African Finance Corporation to fund Greenfield Exploration, which is a data-driven project that will attract investment into the sector.
“And we have several artisanal projects as well. 80% of the sector is currently artisanal, and we have to look at that,” she said.