The mining sector has received a huge boost with Acting President, Yemi Osinbajo saying that the Federal Government is moving swiftly to break all bottlenecks discouraging investment in Nigeria’s mining sector.
The Acting President stated this on Tuesday while addressing investors at the inaugural National Mining Summit in Abuja, the Federal Capital Territory.
“The Ministry of Mines and Steel Development has been granted access to the mining sector component of our natural resources development fund for a sum of N30bn [approximately $100m], an intervention fund from the Federal Government,” he said.
Professor Osinbajo explained that the move was part of measures by the government to help provide cheap loans and grants to industry participants as well as for directly investing in foundational infrastructure.
He said the Presidency would work closely with the Nigerian Stock Exchange to create new funding arrangements and incentives for investors willing to invest in the sector.
“We are currently working with the Nigeria Sovereign Investment Authority, the Nigerian Stock Exchange, and others to assemble a $600m investment fund for the sector.Internationally we have secured $150m in funding from the World Bank for the Mineral Sector Support for Economic Diversification (
“Internationally we have secured $150m [in funding] from the World Bank for the Mineral Sector Support for Economic Diversification (MSSED),” the Acting President added.
Apart from financial investments, he said government was also addressing the challenge of the lack of geological data.
“The Nigerian geological and survey agency is undertaking the additional ground investigation nationwide to upgrade our national minerals’ database so that we can more easily attract financial investment, as well as assure operators of the scope of operations required for further exploration and mining.
“We’ve also signed memoranda of understanding and technical cooperation agreements with the China Geological service, Shandong Mineral Exploitation Agency; and the National Office of Hydrocarbons and Mines of Morocco,” he said.