The Ministry of Mines and Steel Development, says it has secured an 80 million-dollar grant for artisanal and small scale miners. The Minister, Mr Muhammad Sada, who received a World Bank team; the sponsors of the scheme on Tuesday in Abuja, said the grant was an additional finance to ease some projects in the sector.
According to him, this will build a solid base for the ministry to manage the sector in capacity building and professional development.
Sada said that the draft of the minerals and mining regulations had developed the sector for both local and international investors who, he said, would work better with the grant serving as incentive.
He said: “No investor will want to put his money where it cannot yield. With this grant, projects will be enhanced and efficient for economic development.” He said that the Federal Government would assist small-scale miners in the development of the sector for the overall development of the nation. Ms Ekaterina Mikhaylova, the Senior Mining Specialist from the U.S., said the grant was to empower, improve and woo investors in Nigeria.
“Nigeria geographical data was to be seen as the best in Africa, with its many mineral resources, there is the need for assistance for what will yield and help globally,” she said. Mikhaylova, the facilitator of the grants, said the process had been finalised and negotiations were in progress to develop the final legal documents. She said that the grants would be issued between June and July, but it would not be used to fund government enterprises.