Nigeria will access an additional 80 million dollars grant to facilitate the development of its steel and mining sector by the first quarter of 2011, Minister of Mines and Steel Development Musa Sada, has said.
The World Bank had earlier granted d the country a 120 million dollars credit in 2005 for sustainable management of the mineral resources project of the ministry.
Sada told the News Agency of Nigeria (NAN) in Washington that a meeting with the management and officials of the mining division of the Bank as well as the Country management unit had worked out modalities for the disbursement of the additional grant. Sada said: â€œThe chances of the Board of the World Bank giving us an approval for the extension are quite bright.
â€œHowever it is not likely before the end of the year because the Board of the Bank would meet sometime in November, and approval and draw down may begin the first quarter of next year. But we still have the rudiments of the first stage that we are utilising,â€ he said.
The Minister assured that the grant would be effectively utilised under the supervision of the World Bank. â€œThe money is not at our disposal to do whatever we want.