Temitope
Temitope Akinola
The solid mineral sectors of the Nigeria economy received a boost on Wednesday as the Bank of Industry released a loan of N24.6 billion to the sector.
This was made known by the Managing Director, BoI, Mr Rasheed Olaoluwa in Abuja during the opening session of the bank's one day Solid Mineral Sensitization Forum tagged "Investment opportunities in the solid minerals sector". He said the bank deemed it fit to improve funding to the sector as a result of economic challenges brought about by the decline in revenue from the oil glut in the international market.
This sensitization was part of measures by the bank to stimulate private sector investment into the solid minerals sector. According to him, Nigeria is yet to benefit from the sector even as the sector accounts for over 70% of the revenue of some other African countries.
He said Nigeria has about 44 solid minerals which has been identified by the Federal Government that would generate investments, create jobs and reduce the level of poverty in the country.
Olaoluwa said the bank has realigned its operation to the financing of the sector through the Nigeria Industrial Revolution Plan (NIRP) because it realized the potentials of the sector.
Also speaking at the event, the Permanent Secretary, Federal Ministry of Mines and Steel, Mr Baba Farouk, said government has over the years established legal and regulatory framework to guide the activities of the sector.
This was made known by the Managing Director, BoI, Mr Rasheed Olaoluwa in Abuja during the opening session of the bank's one day Solid Mineral Sensitization Forum tagged "Investment opportunities in the solid minerals sector". He said the bank deemed it fit to improve funding to the sector as a result of economic challenges brought about by the decline in revenue from the oil glut in the international market.
This sensitization was part of measures by the bank to stimulate private sector investment into the solid minerals sector. According to him, Nigeria is yet to benefit from the sector even as the sector accounts for over 70% of the revenue of some other African countries.
He said Nigeria has about 44 solid minerals which has been identified by the Federal Government that would generate investments, create jobs and reduce the level of poverty in the country.
Olaoluwa said the bank has realigned its operation to the financing of the sector through the Nigeria Industrial Revolution Plan (NIRP) because it realized the potentials of the sector.
Also speaking at the event, the Permanent Secretary, Federal Ministry of Mines and Steel, Mr Baba Farouk, said government has over the years established legal and regulatory framework to guide the activities of the sector.
