Fayemi Briefs President Buhari On $150m Mining Grant
The Minister of Mines and Steel Development, Dr Kayode Fayemi, today briefed President Muhammadu Buhari on the 150 million dollars loan obtained from the World Bank to develope the nation's mining sector.
This was made known on Thursday while addressing State House correspondents after a closed door meeting with the President in the Presidential Villa, Abuja.
Fayemi noted that part of the loan would be used for gathering of geological data, provision of technological equipment for artisanal and small scale miners.
He added that the grant will also be used to assist those crossing over from exploration to exploitation and to actual mining.
"I have come to brief the President about what is going on in the mining sector and to particularly inform him of the major breakthrough we had on Friday with the World Bank approving the $150million dollar request that we made to them during the meeting
in Washington.
"And then the activities of illegal miners, the work we are doing with regards to that, my tour around the country and the gradual improvements we are beginning to see in the sector particularly in relation to our growth.
"It is a sector that seems to have defiled recession, according to the bureau of statistics, its growing while other sectors may be experiencing challenges; that is not to say that we have reached Eldorado.
"But, it is a journey and we are beginning to see concrete development and the President as you know also approved an intervention fund for this sector, the first of its kind in the history of the mining sector." he explained.
It will be recalled that the World Bank on Wednesday via a statement announced the approval of the 150 million dollars credit to help increase the mining sector's contribution to the Nigerian economy.
This was made known on Thursday while addressing State House correspondents after a closed door meeting with the President in the Presidential Villa, Abuja.
Fayemi noted that part of the loan would be used for gathering of geological data, provision of technological equipment for artisanal and small scale miners.
He added that the grant will also be used to assist those crossing over from exploration to exploitation and to actual mining.
"I have come to brief the President about what is going on in the mining sector and to particularly inform him of the major breakthrough we had on Friday with the World Bank approving the $150million dollar request that we made to them during the meeting
in Washington.
"And then the activities of illegal miners, the work we are doing with regards to that, my tour around the country and the gradual improvements we are beginning to see in the sector particularly in relation to our growth.
"It is a sector that seems to have defiled recession, according to the bureau of statistics, its growing while other sectors may be experiencing challenges; that is not to say that we have reached Eldorado.
"But, it is a journey and we are beginning to see concrete development and the President as you know also approved an intervention fund for this sector, the first of its kind in the history of the mining sector." he explained.
It will be recalled that the World Bank on Wednesday via a statement announced the approval of the 150 million dollars credit to help increase the mining sector's contribution to the Nigerian economy.
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