FG to partner commercial banks to fund mining

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As efforts are on course to reposition the Mining and Steel sector to take its pride of place as first among equals in contributing to national economic growth, the Minister of State for Mines and Steel Development, Abubakar Bawa Bwari has said that government will continue to collaborate with International financial partners to revamp the sector.

The Minister made the assertion while receiving a team from Mining and Metals Corporate and Investment Banking officials of Standard Bank, and Stanbic IBTC Thursday in Abuja.

He reiterated the commitment of President Mohammadu Buhari led administration to give the Mining sector the desired priority that would enhance sustainable economic growth.

Bwari informed the team that funding has been one of the major factors mitigating against the development of the sector, but noted the interest of the bank to fund mining in the country was a welcome development.

While thanking the team for their visit, the Minister said, “One of the potent areas we are looking forward to is funding, and I am sure that you are going to be a pacesetter when it comes to a funding mining operation in Nigeria.”

The minister assured the Executive Secretary, Solid Mineral Development Fund, Hajia Fatima Shinkafi, who facilitated the visit and the team that the government will give the necessary support ensuring that the collaboration brings about the desired result.

The leader of the team Mr. Mark Buncombe, who is equally the Global Sector Head, Mining and Metals, Standard Bank informed the Minister that the main purpose of their visit was to explore areas of collaboration with the government in the Mining sector of the country.

He said that the collaboration would no doubt make a positive impact in the mining and steel the sector that will add value to the government’s efforts to develop the sector.

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