Kasim Sumaina in Abuja 

On the sidelines of the historic G20 Summit, the first ever held in Africa, the Kaduna State Government has formalised a landmark Memorandum of Understanding (MoU) with international advisory firm, Core International, during an event hosted by the Nigeria Investment Promotion Commission (NIPC). 

The agreement tasks Core International and the Kaduna Mining Development Company (KMDC) with an aggressive mandate: to finalize the Fund’s structure and secure anchor capital, enabling it to be fully operational and ready to deploy by the end of Q1 2026.

The Fund addresses the most significant hurdle in Nigerian mining: the scarcity of early-stage, risk-tolerant funding. 

The Fund is explicitly private sector-driven, designed to co-finance drilling and initial project preparation for minerals essential to the global energy transition, specifically lithium, rare earth elements (REEs), and gold found within the state.

The Managing Director, KMDC, Mr. Shuaibu Kabir Bello, stated that the decision to sign the MoU in Johannesburg strategically links Kaduna’s resource ambition to the G20’s agenda on clean energy transition and sustainable development in the Global South.

This Fund, Bello said, is the mechanism that transitions Kaduna from having potential to realizing value, noting that it has been tasked by Governor Uba Sani to build a modern and transparent mining sector. 

On his part, the Managing Partner of Core International, Suleiman Zakari, opined that the company’s commitment of anchor capital through the Fund tells the world, “we are not just seeking investors; we are strategic partners who have done the groundwork, provided the data, and are ready to share the exploration risk. 

“This is the new investment standard for Nigeria”.

Zakari, in a statement on Sunday, added: “Signing this agreement in Johannesburg, where the world’s largest economies are focused on securing critical mineral supply chains, is a clear statement.

“Our role is to construct a Fund that meets global standards, guaranteeing that the state’s anchor capital, alongside that of private co-investors, is deployed transparently and effectively to de-risk exploration assets. 

“This is a secure bridge for global capital into Kaduna. The Fund’s launch finalizes Governor Uba Sani’s comprehensive State Exploration Acceleration Programme. 

“The state is not simply seeking investment; it is presenting a fully de-risked and integrated investment ecosystem. 

“By providing the data, infrastructure and now a co-financing vehicle, Kaduna is positioned as the most exploration-ready and investment-attractive jurisdiction in Nigeria.”

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