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Sunday, February 25, 2024

FG engages World Bank for development of Nigeria’s mining sector

Collaboration Aims to Unlock Financing and Technical Support for Mineral Resource Development

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The Ministry of Solid Minerals Development, under the Federal Government’s purview, is in talks with the World Bank to foster collaboration aimed at unleashing financial and technical support for the advancement of Nigeria’s mining sector. The disclosure, outlined in a statement by the minister’s Special Assistant on Media, Segun Tomori, underscores the government’s commitment to harnessing the nation’s mineral resources for economic growth.

During a recent courtesy visit to Solid Minerals Minister Dele Alake, the World Bank Country Director for Nigeria, Shubham Chaudhuri, conveyed his satisfaction with the current administration’s renewed emphasis on developing the nation’s mineral resources. Chaudhuri emphasized Nigeria’s potential to position the mineral sector as a significant contributor to its GDP, given its wealth of economically viable minerals.

Expressing the World Bank’s readiness to collaborate, Chaudhuri outlined the institution’s commitment to providing financing for specific intervention areas and extending technical assistance to enhance mining operations in the country.

Minister Dele Alake, in response, lauded the World Bank’s contribution to developmental efforts in various sectors of the Nigerian economy over the years. He acknowledged the recent support from the World Bank on palliatives following the fuel subsidy removal and expressed gratitude for the institution’s involvement in the soon-to-conclude min diver project.

Alake detailed the vision for the mining sector, highlighting the government’s priority on investment in exploration to generate essential geo-data for informed investor decisions. He emphasized ongoing efforts to establish efficient governance structures and ensure a secure mining environment.

Assuring stakeholders, Alake affirmed the Federal Government’s dedication to creating an enabling environment for mining operations. He emphasized the commitment to maximizing benefits for host communities and generating revenue for the government through royalties and taxes. The collaborative venture with the World Bank aims to propel Nigeria’s mining sector into a robust and sustainable phase of development.

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