Post by Trade facilitator on Apr 17, 2022 3:15:10 GMT 1
Small Scale Miners Will Access Loan Facilities Up To N100 Million – Minister Of Mines And Steel Development
The Minister for Mines and Steel Development, Arc Olamilekan Adegbite, recently assured small scale miners of accessing loan facilities up to N100 million to boost their productivity.
The Minister made this known during his inspection of the ongoing construction of Gemstone market in Ojoo, Akinyele Local Government Area of Oyo State, Nigeria, where he urged miners to form cooperative groups that would qualify and enable them access the loans that government will facilitate for them.
According to the minister, the miners’ cooperatives will access loans at 5% interest rate per annum.
The Minister also explained to them that those that will take loans below N2 million will only require guarantors, while miners that will want to take loans above N2 million will need to provide required collateral.
He said, “I realized that a lot of people could not access the money because of collateral and I advised that it should be reduced so that those without collateral but a guarantor of level 14 and above in the Civil Service can access the loan too.”
While he was still at the site of the Gemstone market, he explained what the market is being constructed for, which he said, gemstones will be sorted, identified and graded, including cutting, polished and ready to be made into jewelry.
The Minister hinted that at that time, that capacity building of persons in the gemstone and jewelry industry was ongoing in Abuja, and that most of them would move into the market in Ibadan, including the Gold Souk in Kano since they would be engaged in jewelries and gemstones production for local and international markets.
The Minister also said that investors will invest also in processing of minerals, but made it clear that government would not be involved in running the facilities.
“By the time these projects are completed, we are looking at the system of public, private partnership (PPP), where we have facility and plant management systems in place that will run these projects and of course there will be recourse to government as appropriate but we don’t want to get government involved in the running of the six (6) clusters,” he added.
Adegbite said that sustainability remains key in running of the projects, “It is going to be a win-win business, whoever that runs any of the projects will make money from it, will make money for the government and also enhance the value of what is produced in that particular neighborhood.”
Earlier, the General Secretary, Miners’ Association of Nigeria (MAN), Dele Ayanleke, commended the Buhari-led administration for taking the bold step to establish six regional mineral processing clusters.
Ayanleke also expressed optimism that those projects are viable and could change the narrative in the sector, especially as it concerns artisanal and small scale miners in the country.
He added that they would improve productivity, boost confidence and discourage export of raw ore, hence he called on miners to take advantage of 5% interest available on loan facilities provided by the Federal Government as it would enable them procure necessary mining equipment and other logistics for smooth operation and ease of doing business.
In a related development, we can remember that in February 2021, the ministry of mines and steel development was considering disbursing N200 million to 100 artisanal miners to boost mining activities in the country.
We can also recall that the minister of mines and steel development, Arc Olamilekan Adegbite, made this known in an interview he held with the News Agency of Nigeria (NAN) in Abuja.
He revealed to them that the fund will be drawn from the ministry’s N3.2 billion mining intervention fund, domiciled with Bank of Industry (BOI).
Arc Adegbite explained then that N2 million will be each be given to 100 artisanal miners to help them operate their businesses.
We believe that this fund is still what the miners are going to benefit from now. We will bring to you further information on the matter as events unfold.
Our company is one of the best companies in Export and Importation businesses in Nigeria today, we train individuals and corporate organizations on how to do Export, Major and Mini Import business the right way; if you are interested, please contact the admin of this forum now.
The Minister for Mines and Steel Development, Arc Olamilekan Adegbite, recently assured small scale miners of accessing loan facilities up to N100 million to boost their productivity.
The Minister made this known during his inspection of the ongoing construction of Gemstone market in Ojoo, Akinyele Local Government Area of Oyo State, Nigeria, where he urged miners to form cooperative groups that would qualify and enable them access the loans that government will facilitate for them.
According to the minister, the miners’ cooperatives will access loans at 5% interest rate per annum.
The Minister also explained to them that those that will take loans below N2 million will only require guarantors, while miners that will want to take loans above N2 million will need to provide required collateral.
He said, “I realized that a lot of people could not access the money because of collateral and I advised that it should be reduced so that those without collateral but a guarantor of level 14 and above in the Civil Service can access the loan too.”
While he was still at the site of the Gemstone market, he explained what the market is being constructed for, which he said, gemstones will be sorted, identified and graded, including cutting, polished and ready to be made into jewelry.
The Minister hinted that at that time, that capacity building of persons in the gemstone and jewelry industry was ongoing in Abuja, and that most of them would move into the market in Ibadan, including the Gold Souk in Kano since they would be engaged in jewelries and gemstones production for local and international markets.
The Minister also said that investors will invest also in processing of minerals, but made it clear that government would not be involved in running the facilities.
“By the time these projects are completed, we are looking at the system of public, private partnership (PPP), where we have facility and plant management systems in place that will run these projects and of course there will be recourse to government as appropriate but we don’t want to get government involved in the running of the six (6) clusters,” he added.
Adegbite said that sustainability remains key in running of the projects, “It is going to be a win-win business, whoever that runs any of the projects will make money from it, will make money for the government and also enhance the value of what is produced in that particular neighborhood.”
Earlier, the General Secretary, Miners’ Association of Nigeria (MAN), Dele Ayanleke, commended the Buhari-led administration for taking the bold step to establish six regional mineral processing clusters.
Ayanleke also expressed optimism that those projects are viable and could change the narrative in the sector, especially as it concerns artisanal and small scale miners in the country.
He added that they would improve productivity, boost confidence and discourage export of raw ore, hence he called on miners to take advantage of 5% interest available on loan facilities provided by the Federal Government as it would enable them procure necessary mining equipment and other logistics for smooth operation and ease of doing business.
In a related development, we can remember that in February 2021, the ministry of mines and steel development was considering disbursing N200 million to 100 artisanal miners to boost mining activities in the country.
We can also recall that the minister of mines and steel development, Arc Olamilekan Adegbite, made this known in an interview he held with the News Agency of Nigeria (NAN) in Abuja.
He revealed to them that the fund will be drawn from the ministry’s N3.2 billion mining intervention fund, domiciled with Bank of Industry (BOI).
Arc Adegbite explained then that N2 million will be each be given to 100 artisanal miners to help them operate their businesses.
We believe that this fund is still what the miners are going to benefit from now. We will bring to you further information on the matter as events unfold.
Our company is one of the best companies in Export and Importation businesses in Nigeria today, we train individuals and corporate organizations on how to do Export, Major and Mini Import business the right way; if you are interested, please contact the admin of this forum now.
