Government partners World Bank to fund mining sector

The Federal Government, through the Ministry of Solid Minerals Development, and the World Bank, on Tuesday, indicated their resolve to collaborate to unlock financing and technical support for the development of the mining sector.

Speaking during a courtesy visit to the Minister of Solid Minerals Development, Dr. Dele Alake, World Bank Country Director for Nigeria, Shubham Chaudhuri, expressed satisfaction with the renewed focus on the development of mineral resources by the Tinubu administration, stating that with the preponderance of economically-viable minerals in the country, the sector has the potential to contribute significantly to its gross domestic product (GDP).

Chaudhuri reiterated the readiness of the bank to partner with the ministry to unlock financing for specific intervention areas requiring funding, emphasising that the bank would ensure the effective implementation of projects and that transparency in utilising funds is mandatory.

He added that the bank was not restricted to providing financing alone but also technical assistance to improve mining operations in the country.

Alake, in a statement by its Special Assistant on Media, Segun Tomori, hailed the World Bank team for the visit, commending the institution for spearheading developmental efforts in diverse sectors of the economy.

“The World Bank has been able to redirect focus on developmental issues and projects in countries, especially Nigeria. Just recently, we had the support of the World Bank on palliatives being rolled out after fuel subsidy removal. We had appreciable support from the World Bank.

“I thank you for your involvement in the mining diver project, which, unfortunately, is ending. We look forward to strengthening collaboration, which will culminate in the needed funding for critical areas in the mining sector, alongside the requisite technical support, as earlier hinted,” the minister was quoted.

Shedding light on his vision for the mining sector, the minister said efforts were ongoing to establish efficient governance structures and secure the mining environment.

Alake further assured that the federal government was committed to providing an enabling environment to safeguard mining operations while ensuring maximum benefits to host communities.