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Wealth Creation: Minister explains how artisanal miners can access N100m facility

Artisanal Gold Miners in Nigeria

*Olamilekun Adegbite, Nigeria’s Minister for Mines and Steel Development, urges artisanal miners to form cooperatives of 10 people when approaching the Ministry for loans to make the process of accessing the N100million facility seamless

Isola Moses | ConsumerConnect

As part of the Federal Government’s strategy to encourage economic diversification in Nigeria, Arc. Olamilekun Adegbite, Honourable Minister for Mines and Steel Development, has urged artisanal miners to expand their frontiers by registering with Cooperative Societies.

Adegbite stated this step would will enable the small-scale miners to access to the tune of N100 million loan at only five percent interest rate.

The Minister said this when he featured in the News Agency of Nigeria Forum in Abuja, FCT

He disclosed that the government’s low-interest rate for artisanal miners is part of its effort at encouraging diversification of the Nigerian economy.

Loan repayment, the Minister explained, can span a period of 20 years, as he urged the miners to form cooperatives to make accessing the facility easier.

According to him, miners could form cooperatives of 10 people when approaching the Ministry for the loan to make the process seamless.

Once the miners come together to form cooperatives, the Ministry of Mines and Steel Development will give them the appropriate equipment and licence, said he.

When the miners are registered, they would benefit from all incentives of the government such as training and free tools.

Adegbite further noted: “I was told we have more than a thousand cooperatives that have registered with us.

“Some of them have successfully transited from artisanal miners to small-scale miners.”

The Minister said: “There are still many of them out there but we are winning because we are winning them over with incentives.

‘So, because they are working, they are paying revenue to government by paying their royalty, so it is a win-win situation.”

He as well applauded the artisanal miners for their ability to detect mineral resources despite lacking required gadgets equipment.

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