World Bank, FG Collaborate To Tackle Funding Gap In Mining Sector

To grow Nigeria’s Gross Domestic Product (GDP), the Minister of Solid Minerals Development, Dr Dele Alake, has revealed that it is partnering with the World Bank to finance the sector.

Alake in Abuja said the decision was arrived at, during a courtesy visit of the World Bank Country Director for Nigeria, Shubham Chaudhuri.

In a statement signed by the minister’s Special Assistant on Media, Segun Tomori on Tuesday, Chaudhuri told the minister that the bank’s collaboration, will, “Unlock financing and technical support for the development of the mining sector”.

He also said that the bank’s readiness to partner with the ministry to unlock financing for specific intervention areas requires funding.

Chaudhuri also reiterated that the bank is not restricted to providing financing alone, but will offer technical assistance to improve mining operations in the country.

Commending the World Bank’s commitment to the sector, Alake said the first major priority of the sector is investment in exploration to generate the requisite geo-data that will guide investors in making informed decisions about the sector.

He said, “The World Bank has been able to redirect focus on developmental issues and projects in countries, especially Nigeria. Just recently, we had the support of the World Bank on palliatives being rolled out after fuel subsidy removal.

“We had appreciable support from the World Bank. I thank you for your involvement in the mining diver project, which, unfortunately, is coming to a close. We look forward to strengthening collaboration, which will culminate in the needed funding for critical areas in the mining sector, alongside the requisite technical support, as earlier hinted”.

He also revealed that efforts are ongoing to establish efficient governance structures and secure the mining environment.

“The federal government is committed to providing an enabling environment to safeguard mining operations whilst ensuring maximum beneficiation to host communities and accruable revenue to government through royalties and taxes” Alake assured.