Solid Minerals Development Fund

What Solid Minerals Development Fund does

Solid Minerals Development Fund (SMDF) is a sovereign development fund established in 2023 by the Federal Government of Nigeria, headquartered in Abuja, and operating under the supervision of the Ministry of Solid Minerals Development. Its mandate is to unlock financing for Nigeria's mining sector, catalyze private-sector investment, and improve economic parameters such as job creation and mining's contribution to GDP, while delivering satisfactory returns to the Fund. SMDF serves institutional mining companies, project sponsors, and mining developers targeting early-stage exploration, late-stage development, and responsible mining projects in Nigeria. The fund is led by Executive Secretary and CEO Fatima Umaru Shinkafi and has grown to 501–1,000 employees.

Name

Solid Minerals Development Fund

Legal name

Solid Minerals Development Fund

Website

https://smdf.gov.ng

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Solid Minerals Development Fund (SMDF) is a Nigerian sovereign fund established in 2023 that provides financing, project development, and technical advisory across the mining lifecycle to institutional mining companies and project sponsors, operating three investment vehicles covering early-stage exploration, late-stage projects, and responsible mining.

Ownership category

akta.pro rank

Headquarters

HQ city

Abuja

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment Returns: SMDF generates returns through equity investments, debt financing, and project co-development in mining projects across Nigeria. The fund maintains a dual mandate of achieving financial returns while improving economic parameters such as job creation and mining sector contribution to GDP.
2. Fund Management Fees: The fund operates across three investment vehicles: SMDF Growth, SMDF Opportunities, and SMDF Responsible Mining, deploying capital instruments including growth capital, project financing, and working capital financing across the mining lifecycle.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

SMDF is a Nigerian sovereign development fund that provides financing (equity, debt, and co-development capital) and technical advisory across the entire mining lifecycle, from early-stage exploration through commercial-scale production. It operates three investment vehicles—SMDF Growth Fund, SMDF Opportunities Fund, and SMDF Responsible Mining Fund—targeting enterprise mining companies, project sponsors, and developers operating within Nigeria.

Product overview

Solid Minerals Development Fund (SMDF) operates as a sovereign investment fund with three core investment funds: SMDF Growth Fund (early-stage exploration), SMDF Opportunities Fund (late-stage projects), and SMDF Responsible Mining Fund (sustainable practices). The Fund also offers a Project Development Facility in partnership with Africa Finance Corporation, providing financing and technical advisory for commercial-scale mining projects. Supporting offerings include the Responsible Mining Framework, Responsible Sourcing Toolkit, and Responsible Sourcing Guidelines for the mining value chain.

Differentiator

Problem solved

Functional benefit

Products and services

• SMDF Growth Fund Early-stage exploration and development fund that invests to increase chances of bankability for mining projects, targeting new mineral resource discovery with a balanced risk-reward profile. Aimed at mining ventures at exploration stage requiring capital to advance to bankability.
• SMDF Opportunities Fund Late-stage investment fund for projects with defined cashflows and limited operational risks, providing long-term financing for construction, infrastructural development, and expansion. Targets feasibility-stage projects advancing to commercial-scale operation and operational mines seeking to boost production.
• SMDF Responsible Mining Fund Sustainable mining fund supporting responsible sourcing, artisanal miners' formalization, community development, decarbonization, waste reduction, and environmental conservation.
• Project Development Facility Joint initiative with Africa Finance Corporation (AFC) deploying project development funding and technical advisory to fast-track closure and operations of commercial-scale mining projects. Focuses on precious and base metals, bulk minerals, and critical energy transition minerals. Investment process involves project submission, initial screening, in-depth evaluation, committee review, term sheet negotiation, and deal structuring.
• Responsible Mining Framework & Guidance Document Multi-stakeholder initiative document on responsible supply chain management based on LBMA and OECD globally accepted standards for risk-based due diligence.
• Responsible Sourcing Toolkit for Suppliers Checklists and questionnaires to guide companies in reporting on commitments, due diligence processes, and actions related to responsible sourcing.
• Responsible Sourcing Guidelines for Buying Centres and Cooperatives Comprehensive procedure document for cooperatives and buying centers to establish policies, assess risks, conduct due diligence, and ensure supply chain monitoring and control.
• Alumina Refinery Project Alumina refinery project that will process 1 million tonnes of bauxite ore annually, producing approximately 19 million tonnes of alumina over 20 years. Nigeria's largest private mining investment, projected to contribute $1.2 billion annually to GDP and generate $8 billion in foreign exchange earnings.
• EMERGE (Early-Stage Mineral Exploration and Research Grant Endowment) Program Program to accelerate early-stage mineral exploration and strengthen geological research, targeting Nigeria's $750 billion worth of untapped mineral deposits. Focuses on critical minerals for the energy transition and includes international partnerships for geological mapping and technology cooperation.

Quantifiable outcome

• Mining sector contribution to GDP improved to approximately 1.5–1.8 percent
• +4 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• GeoScan GmbhcoreTechnology or Integration · 30 October 2023Collaboration agreement for advancing exploration and development of Nigerian critical minerals using GeoScan's proprietary gScan technology - a disruptive exploration technology capable of mapping resources 10,000 meters below the surface. The technology is 80% cheaper, three times faster and more reliable than conventional approaches, using AI and advanced statistics.
• Xcalibur MultiphysicscoreTechnology or Integration · 18 October 2023Tripartite cooperation agreement between AFC, SMDF, and Xcalibur Multiphysics to enhance geo-scientific data and geological mapping for early-stage mining projects in Nigeria. Xcalibur provides airborne geophysics technology, technical support, data quality oversight, and economic evaluation studies. The worldwide leader in airborne geophysics has established over 50 million linear kilometres of collected data.
• PricewaterhouseCoopers (PwC)supportingImplementation/ SI/ Consulting Partner · 17 October 2023PwC manages the dedicated project submission portal for the AFC-SMDF partnership, conducting screening and initial evaluations of project submissions before forwarding to AFC and SMDF for further assessment.
• Wood MackenziesupportingImplementation/ SI/ Consulting Partner · 1 January 2023Global research and consulting firm engaged by AFC and SMDF to undertake a comprehensive feasibility study for establishing a midstream processing plant in Nigeria, focusing on critical minerals such as Lithium, Nickel, and other energy transition metals.

Scale indicators6 records

Recent moves6 records

Expansion highlights9 records

Direct peers

• Africa Finance Corporation (AFC): Pan-African multilateral development finance institution and SMDF's flagship financial partner. AFC leads the $1.3 billion investment agreement, manages the Project Development Facility, and has deployed $900M+ in African mining — directly comparable as a co-developer and financier of African mining projects.
• Nigeria Sovereign Investment Authority (NSIA): Nigeria's sovereign wealth fund and a listed SMDF partner. As the country's flagship state investment vehicle, NSIA is the closest institutional analogue within Nigeria — both deploy public capital toward national economic objectives and overlap in infrastructure and strategic-sector investments.
• Industrial Development Corporation (IDC) of South Africa: State-owned South African development finance institution investing across mining, manufacturing, and infrastructure. IDC's mandate to crowd in private capital into industrial and mining projects makes it a direct functional peer of SMDF's project financing and de-risking role.

Broad incumbents

• African Export-Import Bank (Afreximbank): Continental multilateral trade finance institution supporting African trade, project finance, and capital markets. Comparable to SMDF as a large-scale African DFI deploying capital into strategic sectors including mining, though broader in mandate than mining-specific.

Regional players

• Public Investment Corporation (PIC) of South Africa: South Africa state-owned asset manager that invests pension and other public funds across African mining and infrastructure. PIC is comparable as a large-scale public capital allocator into mining, though it is regionally focused on South Africa and operates as a fund manager rather than a project developer.
• Development Bank of Southern Africa (DBSA): South African state-owned development finance institution funding infrastructure and mining-related projects across southern Africa. Comparable to SMDF as a public DFI with mandate-driven mining and infrastructure financing, though primarily focused on South Africa and SADC.
• Government of Botswana — Pula Fund / Government Investment Account: Botswana's sovereign reserve fund built on mineral revenues and managed by the Bank of Botswana. A direct functional peer in the category of mineral-rich African sovereign funds investing public capital derived from extractive industries, with a regional rather than country-comparable footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/SMDFNgr

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Solid Minerals Development Fund