The Federal Government, FG, through the Ministry of Solid Minerals Development, on Tuesday, December 12, explored partnership with the World Bank to unlock financing and technical support for the development of the mining sector.
The World Bank Country Director for Nigeria, Shubham Chaudhuri while speaking during a courtesy visit to the Minister of Solid Minerals Development Dele Alake, expressed satisfaction with the renewed focus on the development of the nation’s mineral resources by the Tinubu administration, stating that with the preponderance of economically viable minerals in Nigeria, the country has the potential to make the sector a major contributor to its Gross Domestic Product (GDP).
Mr. Chaudhuri reaffirmed the readiness of the Bank to partner with the Ministry to unlock financing for specific intervention areas requiring funding, emphasizing, however, that the terms and conditions of the Bank to ensure effective implementation of projects and transparency in utilizing funds is mandatory.
Meanwhile, he also added that the bank is not restricted to providing financing alone, asserting it can offer technical assistance to improve mining operations in the country.
Alake, in a statement by its Special Assistant on Media, Segun Tomori, lauded the World Bank team for the visit, applauding the institution for spearheading developmental efforts in diverse sectors of the economy over the years.
“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 min diver project, which, unfortunately, is coming to a close. We look forward to strengthening partnership, which will culminate in the needed funding for critical areas in the mining sector, alongside the requisite technical support, as earlier hinted.”
Stressing his vision for the mining sector, the Minister disclosed that the first major priority is investment in exploration to generate the requisite geo-data that will guide investors in making informed decisions about investing in the sector. He also announced that efforts are ongoing to establish efficient governance structures and secure the mining environment.
