He said that mining sector was promising to be a major catalyst of development goals and consistent implementation of well thought-out reforms and strategic partnerships with key stakeholders for success and sustainability of the reforms.
Browsing: Bank of Industry
Vincent Toritseju 10 December 2017, Sweetcrude, Lagos — The federal government is set to release new sugar import quota for…
“The intervention fund has all-in single digit interest rate of 8 per cent for loans extended to Nigerian oil and gas service providers and all-in single digit interest rate of 5 per cent for loans extended to community contractors,” he stated.
“Over the years, Nigerian companies have found it difficult competing with their counterparts from jurisdictions where funding is accessible for 5% or less as compared to our market where bank lending rates hover around 20%,” he said.
Oscarline Onwuemenyi 23 August 2017, Sweetcrude, Abuja – The Nigeria government has said that its recently-established N15 billion industrial reactivation fund…
The minister said the initiative was not only for the Niger Delta region but also “a litmus test for the viability of the initiative before it would be extended to other parts of the country.”
The intent is to promote the participation of genuine community contractors in oil and gas projects and integration of communities in the industry value chain as part of the strategy to grow the local economy and promote peace and tranquility in the communities.
“There are some foreign mining investors that are using illegal miners to get minerals without paying taxes, mining fees, royalties and they escape to their countries with raw minerals,” Shehu added.
“Government is committed to the scheme. Our miners cannot achieve much as long as they rely on shovel and digger for their work. We also know that modern equipment are quite costly. So, government would make arrangements with financial institutions and some operators to make the equipment available for leasing.”
Emefiele in his speech explained that in addition to earning very good income from a vibrant domestic biofuel industry, Nigeria could also rely on it to provide her alternative clean fuel, reduce her level of fuel importation, and conserve her foreign exchange.
