The Solid Minerals Development Fund (SMDF) is established under the Nigerian Minerals and Mining Act of 2007 in Section 34 (2) (a-e) to develop human and physical capacity; fund geo-scientific data gathering, storage and retrieval, to meet the needs of private sector-led mining industry; and to equip the mining institutions to enable them perform their statutory functions; and also for funding of extension and advisory services to small-scale and artisanal mining operators pursuant to section 91 of the Act establishing the solid minerals development fund.
To promote and facilitate sustainable development of solid minerals sector to satisfy the needs of all stakeholders for a modern profitable, robust and reliable mining sector that meets Nigeria’s aspiration for national development
The SMDF is principally focused on supporting programmes and projects that can generate the data required to attract capital into the Nigerian mining sector.
The fund has the following mandates;
- Development of both human and physical capacity in the sector.
- Funding for geoscientific data gathering, storage, and retrieval to meet the needs of private sector-led mining industry
- Equipping the mining institutions to enable them perform their statutory functions
- Funding for the extension services to small-scale and artisanal Mining Operators pursuant to section 91 of this Act
- Provision of infrastructure to mines sites.
To serve as a world-class intervention agency for the transformation and development of Nigeria’s mining industry to be the leading mining destination in Africa
Within the overall scheme of fulfilling its charter of responsibilities and attaining its vision, the SMDF, guided by key critical values seeks to be a self-sustaining mining investment and support organization in the next five years.
|Responsibility||Taking responsibility for own successes and failures.|
|Accountability||Using legal, policy and ethical standards to underscore the importance of holding individuals accountable in the use of public funds and making progress on intended results.|
|Transparency||Providing services and rendering operations in an open and fair manner.|
|Effectiveness||Using competencies and supporting deliverables to contribute effectively and efficiently to organizational results, based on valid, and reliable performance management systems.|