The Federal Government, through the Ministry of Solid Minerals Development, is making plans to partner with the World Bank in order to improve financial and technical aspects of the sector.
This was disclosed in a statement signed by the Special Assistant on Media to the Ministry, Minister of Solid Minerals Development, Mr. Segun Tomori on Tuesday.
According to the statement, upon a visit to the office of the minister, Dr. Dele Alake on Monday, World Bank Country Director for Nigeria, Shubham Chaudhuri lauded the government’s efforts geared towards the development of the country’s mineral resources.
Mr. Chaudhuri said the availability of mineral resources in Nigeria, if properly harnessed, can increase the country’s Gross Domestic Product (GDP).
He reiterated the preparedness of the Bank to collaborate with the Ministry in order to unlock financing for specific intervention areas that requires funding.
Chaudhuri stressed that the terms and conditions of the Bank to ensure effective implementation of projects and transparency in utilising funds is mandatory.
He also said the bank is not limited to the provision of financial support, adding that it has the capacity to provide technical assistance to improve mining operations in the country.
Meanwhile, the minister in his response commended World Bank for the visit and leading developmental efforts in diverse sectors of the economy over the years.
He said: “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 min diver project, which, unfortunately, is coming to a close. 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.”
Elucidating on his plans for the mining sector, Alake stated that the first major priority is investment in exploration to generate the requisite geo-data that will guide investors in making informed decisions about investing in the sector.
Alake also disclosed that efforts are ongoing to establish efficient governance structures and secure the mining environment.
The World Bank delegation present at the meeting include the Country Director for Nigeria, Shubham Chaudhuri and World Bank program leader, equitable growth, finance innovation, Bertina Kamphuis.
