…beneficiaries to get between N100,000 to N100m<\/p>\n
The\u00a0 Ministry of Mines and steel Development has signed a Memorandum of
\nUnderstanding\u00a0 (MoU) with the Bank of Industry (BOI) for the management of
\na N5 billion fund in support\u00a0 of Artisanal and Small Scale Miners in the
\ncountry.<\/p>\n
Under the arrangement, the Ministry would contribute N2.5billion which
\nwould be matched by another N2.5 billion by BOI.<\/p>\n
A certified Artisanal Scale miner, under the scheme, can access between
\nOne hundred thousand naira and ten million naira; while a Small Scale
\nMiner can access between ten million naira and one hundred million naira.<\/p>\n
The MOU was signed by the Minister of Mines and Steel Development, Dr Speaking at the event, Dr Fayemi said the development is aimed at According to the Minister, the Bank of Industry would serve as the Dr Fayemi said: \u201cThis agreement is a meeting of minds between the FMMSD \u201cConsequently, with this agreement, the FMMSD appoints BOI as the The Minister said that the fund would be available in the form of Term He added that proper funding would help to integrate the Artisanal and Speaking further, the Minister said, \u201cThe single obligor limit of loans to \u201cThe loans would be made available to certified industry participants at a \u201cIn addressing the challenge of Insufficient Funding and lack of access to \u201cThe Solid Minerals Development Fund (SMDF) is now spearheading the \u201cIt is noteworthy that in addition to funding support from multilateral The CEO of Bank of Industry, Mr Pitan in his response said the Bank was He said BOI is a pioneer in the area of funding mining activities where The Minister of State for Mines and Steel Development, Hon Abubakar Bawa …beneficiaries to get between N100,000 to N100m The\u00a0 Ministry of Mines and steel Development has signed a Memorandum of Understanding\u00a0 (MoU) with the Bank of Industry (BOI) for the management…<\/p>\n","protected":false},"author":1,"featured_media":39786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-59331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n
\nKayode Fayemi and the Managing Director\/CEO of Bank of Industry, Mr
\nOlukayode Pitan, in Abuja\u00a0on Tuesday<\/span><\/span>. The event was witnessed by the
\nMinister of State for Mines and Steel Development, Hon Abubakar Bawa
\nBwari, Permanent Secretary of the Ministry, Mohammed Abass and Chair of
\nthe board of the Solid Minerals Development Fund, Alhaji Uba Saida Malami.<\/p>\n
\naddressing the issue of insufficient funding and access to capital, which
\nis a major factor militating against Artisanal and Small Scale miners who
\naccount for about 80 per cent of activities in the mining sector.<\/p>\n
\ncustodian and manager of the fund, which would be given to the artisanal
\nand small scale miners at five per cent interest.<\/p>\n
\nand the BOI. We are in the first instance launching a N5Billion fund. With
\nour ministry\u2019s pilot contribution of N2.5Billion, BOI will match our
\ncontribution with another N2.5Billion.<\/p>\n
\nCustodian and Manager of the Nigerian Artisanal and Small-Scale Miners
\n(ASM) Financing Support Fund, for the purpose of financing artisanal and
\nsmall scale mining projects involving Industrial Minerals, Precious
\nStones, Precious Metal (Gold), Dimension Stone and such other strategic
\nminerals in Nigeria as shall be approved by the ministry and BOI from time
\nto time.\u201d<\/p>\n
\nLoans or Working Capital to be utilized for the Purchase of requisite
\nitems of plant and machinery; Payment for drilling, geological and other
\nservices related to mining business as may be required, among others.<\/p>\n
\nSmall-Scale Miners into the formal sector, enhance their growth and
\ndevelopment in a structured manner, and spur productivity and job creation
\nin the mining sector.<\/p>\n
\nbe granted under the Fund shall be from N100,000.00 to N10,000,000.00 for
\nArtisanal Scale Miners; and from N10,000,000.00 to N100,000,000.00 for
\nSmall Scale Miners.<\/p>\n
\nsingle digit interest rate of 5% per annum, which is by far about the most
\nattractive within our jurisdiction.<\/p>\n
\ncapital, the ministry secured approval for N30bn (approx. $100m) from the
\nmining sector component of the Natural Resources Development Fund from the
\nFGN. We also secured the World Bank\u2019s approval for $150 million to support
\nthe ministry\u2019s Mineral Sector Support for Economic Diversification
\n(MinDiver) program.<\/p>\n
\nassembling of a $600M investment fund for the sector, working with
\nentities such as the Nigerian Sovereign Investment Authority, the Nigeria
\nStock Exchange and others. This is a departure from the past, judging by
\nthe fact that in 2015, out of the meagre N1 billion allocated to the
\nministry, only N352 million was released.<\/p>\n
\nagencies, partnerships on technical cooperation have also been brokered or
\nre-activated with several foreign governments. Existing technical
\npartnerships have been operationalised with the governments of South
\nAfrica, China, Australia, Canada, the United Kingdom and the United States
\nof America. Nigeria now takes the lead in regional efforts to develop
\nmining, especially within the framework of the Africa Mining Vision\u201d<\/p>\n
\nconvinced that the fund would step up a rapid development in the mining
\nsector, just as a similar funding arrangement administered by the BOI
\nboosted the country\u2019s movie sector.<\/p>\n
\nother banks are reluctant to invest. He, however\u00a0 stated that the Fund is
\nnot an aid, but repayable by beneficiaries.<\/p>\n
\nBwari, would head the Project Management Committee which includes BOI
\nofficials with expertise in Mining Finance and Project Supervision. The
\ncommittee is charged with the responsibility of\u00a0 appraising, recommending,
\ndisbursing, implementing and monitoring the projects as well as recovering
\nthe loans and interests from the approved projects.<\/p>\n","protected":false},"excerpt":{"rendered":"