FEDERAL Government has hinted
that with the Nigerian Stock
Exchange, NSE, recently disclosed
they’re working towards obtaining
a $600,00M (six hundred million
dollar) fund for the mining sector.
The Acting Vice President, Prof.
Yomi Osinbajo hinted this while
declaring open the maiden edition
of the National Mining Summit
themed: “Unearthing Nigeria’s
Mining Sector”, at the International
Conference Centre in Abuja.
The Acting President also noted
that the Nigerian Sovereign
Investment Authority, NSIA and
other major stakeholders and
industry players are attempting
to invest heavily in the sector.
Prof. Osinbajo said the
reason for this is “partly to
help provide cheap loans and
grants to industry participants
as well as for directly investing
in foundational infrastructure”.
“Internationally, we have secured
150 million USD in funding from
the World Bank for the mineral
Sector Support for Economic
Diversification, MSSED programme.
“This will provide the technical
assistance for the restructuring
and operationalisation of the Solid
Minerals Development Fund, SMDF.
“This will make finance available
to Artisanal and Small Scale
Mining operators, microfinance
and lease institutions”.
The Acting President also
noted that the theme of the event
more importantly, underscores
the earth moving task before
us and shows the enormous
opportunities in the sector.
“Yes, we need to unearth these
incredible sources of growth and
development for us and for our
continent. Thus this summit marks
another step on the journey towards
achieving the African Mining Vision.
“That vision adopted by African
Heads of State back in 2009, aimed
at leveraging Africa’s vast mineral
resources to liberate the country,
continent from the shackles of poverty
and perpetual underdevelopment.
“It aims to change the African
narrative from the so called resource
curse, mineral field conflicts, severe
environmental degradation and
marginalised host communities
to one of sustainable growth and
“This is underpinned by
transparent, equitable and optimal
exploitation of mineral resources
and inclusive development.” He said.
The Acting President thus noted
that to us in Nigeria, “this summit
is a key step in implementing
our economic recovery and
growth plan launched in April by
President Muhammadu Buhari.
“The mining sector is a priority
for the Nigerian government and a
crucial part of our economic growth
and diversification agenda.” He said.
Meanwhile, delivering his keynote
address, the Minister of Mines and
Steel, Dr. Kayode Fayemi stated that the
African Mining Vision, AMV is by far
one of the most promising instruments
that unite the whole of Africa towards
achieving particular objectives.
“It is Africas own response to tackling
the paradox of great mineral wealth
existing side by side with pervasive
poverty, through building economic
and social linkages that benefits Africa.
“For us in Nigeria, in view of
present realities, we have found
our bearing from the AMV, and
domesticated its provisions in our
Roadmap for the Development
of the Nigerian Mining Sector.
“Accordingly, one of the priority goals
of our government is to position our
Mining sector to play a greater role in
sustainably diversifying our country’s
revenue base, creating jobs, and fasttracking
industrialisation.” He said.