World Bank considering $150m loan for Nigeria’s mining sector – Minister

*Dr. Fayemi

05 April 2017, Sweetcrude, Abuja – The World Bank is considering a $150 million loan that would go to boost activities in the Nigerian mining sector, Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said.

The loan was one of the issues on the agenda of the World Bank’s board of governors’ meeting last week, the minister also revealed.

Disclosing this at the 53rd Annual International Conference and Exhibition of the Nigerian Society for Mining and Geosciences in Abuja, Fayemi 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.

He also said that the government intended to establish Nigerian Solid Minerals Investment Fund, NSMIF, structured as a private sector-oriented investment outfit to provide financing to private sector-led projects in the mining sector.

“We have commenced a systematic effort to build knowledge and confidence among Nigerian financial institutions to support mining projects.

“In addition, we intend to establish the Nigerian Solid Minerals Investment Fund, structured as a private sector oriented investment outfit to provide financing to private sector-led projects in the mining sector.

“The Federal Government recently approved about N30bn from the Natural Resources Fund to promote exploration for new minerals and improve the regulatory framework in the ministry.

“The ministry, through the Federal Government, is also negotiating a $150m loan from the World bank to commence the Mindiver Project aimed at further resuscitating the ailing sector. Today (last Tuesday), the bank’s board is meeting in Washington to consider the concessional loan,” Fayemi stated.

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