22 November 2017, Sweetcrude, Lagos – The Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said 80 percent of miners in Nigeria are in the small-scale category.
The minister revealed this Tuesday at the ongoing 35th Annual International Conference and Exhibitions, AICE 2017, organised by the Nigerian Association of Petroleum Engineers, NAPE, in Lagos.
According to Fayemi, in view of the challenges faced by small-scale miners, the in partnership with the Bank of Industry, BOI, has set up a N5 billion fund to be accessed by them.
“The fund is there for them to access and use to organise and grow themselves”, he said.
He expressed optimism that government’s investment in the sector will boost interests of private players, thereby attracting more investors.
“Government’s participation will ensure that the mining sector becomes a supplementary revenue earner for Nigeria instead of depending on crude oil,” he said.