Business

FG approves N1.08bn for small scale miners in Nigeria

Mines and Steel Development Minister, Architect Olamilekan Adegbite ssays it has approved thirteen loan applications worth N1.08billion for artisanal and small scale miners in the country.

He made this disclosure  at the opening of the Artisinal and Small Scale mining Support Fund workshop organized by the Ministry

The workshop was done in collaboration with the Bank of Industry(BOI) in Abuja.

“As at September 30, 2020 a total of 138 applications totaling N14. 59 billion was received by the Fund and are at various stages of processing. So far 13 loan applications totaling N1.08 billion have been approved under the fund. Out of this, the sum of N311 million has been disbursed as at September 30, 2020”, he said.

Shedding light on the scheme, he said that  the ministry made available N2.5 billion, while the BOI added N2.5 billion, making a total of N5 billion.

He added that funds that have been disburses so far is low compared to the total application, because applicants have failed to meet the necessary requirements

He however pledged that the government is working towards removing barriers that make access to the funds difficult.

He noted that one of the major objectives of Buhari’s government is economic diversification in which mining sector is one of the core sectors that will make it possible.

“One of the significant reform strategies was the development of a Roadmap for the Growth and Development of the Nigerian Mining Industry, to unleash the enormous potential in the sector and to guide the investment decisions of the Ministry over the next two decades. The Roadmap was graciously approved by FEC on 31st August, 2016 for implementation, and the benefits are coming almost every day”.

Please follow and like us:
Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *