FG secures $150m World Bank support for mining development- Fayemi

By Olaolu Oladipo, Lagos
The Federal Government has secured $150million (N45.7 billion) support from the World Bank for the Mineral Sector Support for Economic Diversification (MSSED or MinDiver) programme.
Making the disclosure was the Minister of Mines and Steel Development, Dr Kayode Fayemi in Abuja also said the ministry is working with the Nigerian Sovereign Investment Authority, the Nigerian Stock Exchange and other institutions to assemble a $600million investment fund for the sector, by first quarter of 2017.
Fayemi made the disclosure during his End of year press conference in Abuja.
“We have secured support from the World Bank for the funding of $150mn Mineral Sector Support for Economic Diversification ((Economic Diversification MSSED or MinDiver) program,” he said.
He added that “A critical component of the support is to provide technical assistance for the restructuring and operationalisation of the Solid Minerals Development Mining Investment Fund, which would make finance available to ASM operators through development finance, micro-finance and leasing institutions.”
He stated further that “The fund will also help to bring back on stream previously abandoned proven mining projects like tin ore, iron ore, coal, gold and lead-zinc among others.”
Dr Fayemi said the sector has witnessed some positive developments and productivity in the last one year, including a major improvement in the ministry’s contribution to the Federation Account to about N2 billion n in 2016, up from N700M in 2015.
He added that increased productivity in the mining space had also led to significant discovery of mineral deposits, notably the large find of high-grade nickel a few months ago in Dangoma, Kaduna State by an Australian mining company operating in Nigeria.

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