The Federal Government is looking into partnering with the World Bank through the Ministry of Solid Minerals Development in order to provide funding and technical assistance for the mining industry’s growth.
The Times reported that this was disclosed in a statement on Tuesday and signed by the minister’s Special Assistant on Media, Segun Tomori.
The World Bank’s Country Director for Nigeria, Shubham Chaudhuri, expressed his satisfaction with the current administration’s renewed focus on developing the nation’s mineral resources during a courtesy visit to Solid Minerals Minister Dele Alake on Monday.
According to Chaudhuri, Nigeria is in a good position to have the mineral sector contribute significantly to its GDP because it has the majority of economically viable minerals.
He reaffirmed the bank’s willingness to work with the ministry to finance particular areas of intervention and guarantee the successful completion of projects.
He went on to say that the bank is not limited to just lending money, adding that it can also provide technical support to enhance mining activities across the country.
The minister responded by applauding the World Bank team for their visit and praising the organization for leading development initiatives across various economic sectors over the years.
The World Bank has been successful in refocusing attention on projects and issues related to national development, particularly in Nigeria.
The World Bank has just recently endorsed the use of palliatives following the removal of fuel subsidies. The World Bank provided us with valuable assistance.
“Unfortunately, the min diver project is coming to an end. I would like to thank you for your participation. As previously indicated, we look forward to stepping up our collaboration, which will lead to the necessary financial support and technical assistance for crucial mining-related areas,” said Alake.
The minister, outlining the industry’s vision, stated that exploration spending is the first top priority since it will produce the necessary geodata, which will help investors decide whether or not to make an investment in the mining sector.
Additionally, he disclosed that ongoing efforts are being made to secure the mining environment and establish effective governance structures.
Alake went on to reassure everyone that the Federal Government is dedicated to creating an environment that protects mining operations while guaranteeing maximum beneficiation to host communities and accruable revenue to the government through royalties and taxes.
