Menu Close

Nigeria, World Bank to collaborate for mining sector development –Minister

Dr. Oladele Alake, Honourable Minister for Solid Minerals Development (centre),  Welcoming Mr. Shubham Chaudhuri, World Bank Country Director to Nigeria  (r), and Bertina Kamphuis, World Bank Programme Leader, Equitable Growth Finance Innovation, During a Courtesy Visit to Ministry of Solid Minerals Development Office in Abuja, FCT       Photo: State House

*Dr. Oladele Alake, Minister for Solid Minerals Development, discloses the Federal Government of Nigeria is exploring a collaboration with the World Bank to provide financing and technical support for the development of mining sector of the West African country’s economy

Gbenga Kayode | ConsumerConnect

In line with the renewed focus of President Bola Ahmed Tinubu’s administration on the development of Nigeria’s mineral resources, the Federal Government, through the Ministry of Solid Minerals Development, is exploring collaboration with the World Bank to unlock financing and technical support for the development of the mining sector.

Dr. Oladele Alake, Honourable Minister for Solid Minerals Development, disclosed this Monday, December 11, 2023, during a courtesy visit to his office, in Abuja, FCT, by Mr. Shubham Chaudhuri, World Bank Country Director for Nigeria.

Chaudhuri expressed satisfaction with the renewed focus on development of the country’s mineral resources by President Bola Ahmed Tinubu’s administration.

Segun Tomori, Special Assistant to the Minister on Media, stated the World Bank chief also said 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).

Chaudhuri restated the World Bank’s readiness to partner with the Ministry of Solid Minerals Development to unlock financing for specific intervention areas requiring funding.

He, however, noted that that the terms and conditions of the Bank to ensure effective implementation of projects and transparency in utilising funds are mandatory in this regard.

According to the World Country Director to Nigeria, the global lender is not restricted to providing financing alone, but has the capacity to offer technical assistance to improve mining operations in the country.

Speaking during the Bank’s visit to his office, Dr. Alake applauded the World Bank team for the visit, commending the  institution for spearheading developmental efforts in diverse sectors of the economy over the years.

The Minister stated: “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.”

He further said: ‘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 collaboration, which will culminate in the needed funding for critical areas in the mining sector, alongside the requisite technical support, as earlier hinted.”

Highlighting his vision for the mining sector of the Nigerian economy, Alake disclosed 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 stressed that efforts at establishing efficient governance structures and secure the mining environment are ongoing.

Alake further assured that the Federal Government is committed to providing an enabling environment to safeguard mining operations, while ensuring maximum beneficiation to host communities and accruable revenue to government through royalties and taxes.

On the World Bank delegation besides Shubham Chaudhuri, Country Director for Nigeria, is Bertina Kamphuis, World Bank Programme Leader, Equitable Growth, Finance Innovation, Tomori stated.

Kindly Share This Story

 

Kindly share this story