FG seeks $150m loan from World Bank to revive ailing mining industry

The Federal Government yesterday said it had begun
negotiation for a $150 million loan from the World Bank
to commence the Mindiver Project aimed at
resuscitating the ailing mining industry.

Minister of Mines and Steel Development, Dr. Kayode
Fayemi, disclosed this at the 53rd Nigerian Mining and
Geosciences Society (NMGS) conference in Abuja, said
the bank’s board was about to consider the concessional
loan.

He noted that the government is building technical and
managerial skills and capabilities locally to ensure supply
of steady talent required by the sector in the future, as
well as invest in infrastructure, gender equity and
improve access to finance.

The minister also said that they intended to establish
Nigerian Solid Minerals Investment Fund structured as a
private sector-oriented investment outfit to provide
financing to private sector-led projects in mining sector.

He said: “We anticipate contribution to mining gross
domestic product to exceed $25 billion by 2026 as
industries are better to use the output of the sector to
substitute for imports and create environment to
support enterprise.

“We need to ensure that our industrial and energy
minerals strategy prioritises domestic utilisation of our
assets, including getting our steel sector to provide a
solid backbone for manufacturing and industrial
economy.”

The minister, however, maintained that analysis
conducted by major stakeholders in the sector has
showed that “we can generate at least N5 trillion yearly
from mining and exporting of its vast solid mineral
deposits in the country.”

President of NMGS, Prof. Olugbenga Okunlola, said an
investor-friendly environment is very necessary for
success.

Source: The Guardian

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