Kaduna launches $150m fund to boost critical minerals exploration

Kaduna State has launched a $150 million Green Mining Investment Fund aimed at accelerating early-stage exploration of critical minerals and positioning the state as Nigeria’s most attractive destination for global mining capital.

The Fund was announced on the sidelines of the G20 Summit in Johannesburg—Africa’s first—where the Kaduna State Government signed a Memorandum of Understanding (MoU) with international advisory firm Core International at an event hosted by the Nigerian Investment Promotion Commission (NIPC).

According to a joint statement under the agreement, Core International and the Kaduna Mining Development Company (KMDC) will jointly structure the Fund and secure anchor capital, with a firm deadline to make it fully operational and deployment-ready by the end of Q1 2026.

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Kaduna officials say the Fund directly targets one of Nigeria’s biggest mining barriers: the chronic shortage of early-stage, risk-tolerant financing needed to move mineral assets from potential to bankable projects.

The vehicle is designed as a private sector–led platform that will co-finance drilling, resource definition, and initial project preparation for minerals essential to the global energy transition—particularly lithium, rare earth elements (REEs), and gold.

Signing the MoU in Johannesburg was intentional, aligning Kaduna’s mineral ambitions with the G20’s priority on securing critical mineral supply chains and advancing clean energy development across the Global South.

“This Fund is the mechanism that transitions Kaduna from having potential to realizing value,” said Shuaibu Kabir Bello, managing director, KMDC.

“Our commitment of capital signals to global investors that we are not just seeking funding—we are sharing exploration risk, providing data, and building a transparent, modern mining sector.”

Also speaking Suleiman Zakari, managing partner with Core International described the partnership as a “secure bridge for global capital,” noting that the Fund is being designed to meet international standards for governance, transparency, and co-investment.

“By signing this agreement at a moment when major economies are racing to secure critical minerals, Kaduna is sending a strong message: it is ready, organized, and investment-grade,” Zakari said.

The launch of the Fund completes Governor Uba Sani’s State Exploration Acceleration Programme, which includes geological data generation, regulatory streamlining, and investor support systems. State officials say Kaduna is now presenting a fully de-risked and integrated investment environment—rare in Nigeria’s mining landscape.

By providing both data and co-financing, the state aims to shorten project timelines, attract strategic mining companies, and unlock billions of dollars in future investment.

With global demand for battery metals and energy-transition minerals surging, Kaduna is positioning itself as a frontier jurisdiction capable of supplying critical minerals to global markets while offering investors clarity, partnership, and reduced risk.