FG secures $150m for mining sector

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The Minister of Mine and Steel, Kayode Fayemi

The Federal Government has secured $150million (about N43.2billion) loan from the World Bank for the Mindiver Project, the Minister for Mines and Steel Development, Kayode Fayemi, has said

Fayemi who stated this at the second Annual Nigeria Mining Week in Abuja yesterday, said the fund will go to strategic interventions in the mining sector. He added that plans are also underway to pull another $600million investment fund for the sector working with the Nigerian Sovereign Investment Authority (NSIA), Nigerian Stock Exchange (NSE)among others.

The forum is organised by the Miners Association of Nigeria in partnership with IPAD Nigeria, PricewaterhouseCoopers (PwC) and Spintelligent

Fayemi said the ministry would focus on delivering key performance indicators (KPIs) including a robust institutional and governance framework that would provide adequate oversight and guidance, stronger participation and shared responsibility from the states and communities. He also added that the government will promote a wider spectrum of vibrant participants across the entire value chain, a solid archive and database of geo-sciences research and data that would actively encourage investor participation, a thriving enabling environment that would provide the key support infrastructure and services that enables the industry to flourish.

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