FG boosts mining sector with N30bn

Posted by News Express | 14 June 2017 | 1,306 times

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•Acting President Osinbajo.

Acting President Yemi Osinbajo says the Federal Government is moving swiftly to break all bottlenecks discouraging investment in Nigeria’s mining sector. 

While addressing investors at the inaugural National Mining Summit in Abuja, Prof. Osinbajo said the Ministry of Mines and Steel Development had been granted access to the mining sector component of Nigeria’s natural resources development fund for N30bn (approximately $100 million), an intervention fund from the Federal Government. 

The Acting President explained that the move was part of measures by the government to help provide cheap loans and grants to industry participants as well as for directly investing in foundational infrastructure.

 He said the Presidency would work closely with the Nigerian Stock Exchange to create new funding arrangements and incentives for investors willing to invest in the sector.

“We are currently working with the Nigeria Sovereign Investment Authority, the Nigerian Stock Exchange, and others to assemble a $600 million investment fund for the sector. Internationally we have secured $150 millom in funding from the World Bank for the Mineral Sector Support for Economic Diversification.

 “Internationally we have secured $150 million (in funding) from the World Bank for the Mineral Sector Support for Economic Diversification (MSSED),” the Acting President added.

 Apart from financial investments, he said government was also addressing the challenge of the lack of geological data. 

“The Nigerian Geological and Survey Agency is undertaking the additional ground investigation nationwide to upgrade our national minerals’  database so that we can more easily attract financial investment, as well as assure operators of the scope of operations required for further exploration and mining. 

“We’ve also signed memoranda of understanding and technical cooperation agreements with the China Geological service, Shandong Mineral Exploitation Agency; and the National Office of Hydrocarbons and Mines of Morocco.” (Channels TV)

Source: News Express

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