The Permanent Secretary, Ministry of Mines and Steel Development, MMSD, Dr. Mary Ogbe has called on agencies under the ministry to synergize to boost the sector and attract both local and international investors.
Dr. Ogbe made the call during a familiarization visit to the Executive Secretary, of the Solid Minerals Development Fund, SMDF, Hajia Fatima Umaru Shinkafi in Abuja.
Dr. Ogbe explained that the focus of the synergy should be on the development of the country.
The Permanent Secretary who expressed satisfaction with the existing collaboration noted that it was geared at moving the mining sector forward.
She commended the Executive Secretary of the SMDF for the achievements recorded so far and urged her to continue the good work until Nigerians are happy.
Earlier in her address of welcome, the Executive Secretary, Solid Minerals Development Fund, SMDF, Hajia Fatima Umaru Shinkafi who stressed that a lot has been achieved upon her assumption in office called for a review of the law setting up the agency to enable it perform optimally.
Hajia Shinkafi who explained that the Agency has received tremendous support from the ministry stressed that the agency is not where it ought to be but not where it used to be and promised to continue to make progress.
“We have really achieved a lot with the support of the ministry since I assumed this office. It is only collective work that would reposition this ministry to the rightful position” she noted.
Shinkafi who explained that upon her resumption in office, she immediately conducted an initial diagnostic of the SMDF cross six key areas and launched critical reforms to breach the identified gaps stressed that the SMDF lacked a compensation and performance management strategy.
“Upon my appointment I met several gaps between existing SMDF practices and best practices required for a development fund, the SMDF lacked a compensation and performance management strategy” Hajia Shinkafi added.
The Executive Secretary of the SMDF, stressed that the fund had also made an impact investment to support artisanal miners.
“SMDF’s investments and partnerships are focused on supporting project preparation stages to significantly lower project risks and expand the pipeline to bankable mining projects” she emphasized.
She said the SMDF has created a predefined investment process with consistent end-products and stage gates from origination to exit, as well as established a robust risk function.
“We have established a robust risk function which includes full transparency of risk exposure, effective risk control and actionable risk reporting” Hajia Shinkafi added.
Georgina Humphrey, Edited By Grace Namiji
Written by: Kevin Nwabueze
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