The Minister of Solid Minerals Development, Kayode Fayemi, yesterday briefed President Muhammadu Buhari on the $150 million World Bank loan approved for the sector.
The minister told State House reporters that Nigeria requested the loan at a meeting in Washington.
He said part of the loan would be used for “organising the informal sector into a formal sector. There are many miners that have done extensive exploration but to move to production has been a challenge. So, for those who are crossing over from exploration to exploitation and to actual mining, we believe that giving them some assistance would help boost the industry, particularly the small and medium scale players in the industry.”
On whether he was concerned that the nation was borrowing too much, he said: “Well if the nation is borrowing to pay salaries or to attend to recurrent expenditure that concern might have been valid, but we are borrowing in order to develop a sector that has a potential for exponential growth and multiplier effect on other sector particularly.”
Fayemi said he also briefed the president on efforts to curb illegal mining.
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