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Banks urged to help refurbish mining industry

09 December 2015, 21:22

Abuja - The Minister of Solid Minerals, Kayode Fayemi, has called on the financial sector to partner with government to assist revive the mining industry.

He disclosed his ministry was working out partnership with the ministry industry, trade and investment to help market the sector.

Fayemi said research institutes and universities had been partnered to achieve better data and supply of expertise while the National Assembly was playing its part regarding legislation.

“We also need the financial sector to understand the mining sector. We need the banks to set up solid minerals desk in their banks,” he said.

Meanwhile, the ministry would, in the coming week, release the roadmap that would guide local and foreign investors in the mining sector.

Also read: Banks caught defrauding customers billions

Fayemi disclosed this during an earlier meeting with the Canadian High Commissioner to Nigeria, Perry Calderwood, in Abuja.

“By the time we release the roadmap, more investors will show interest in the sector,” Fayemi said, lamenting that 80 per cent of the artisanal mining in the country were unrecorded.

The Canadian High Commissioner had earlier commended the Muhammadu Buhari administration for demonstrating strong commitment towards diversifying the economy through mining and agriculture.

He urged the government to make the sector more attractive to investors by tackling security and regulatory issues, which according to him, were sources of discouragement to investors.

Nigeria’s mining industry is largely unexploited, a development blamed on the overreliance on the oil and gas sector.



- CAJ News


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