Nigeria: Ministry of Mines to allocate $97m intervention fund to local operators
(Ecofin Agency) - The Nigerian Minister of Mines and Steel Development, Kayode Fayemi (photo), has revealed that his ministry will direct part of the N30 billion ($97million) Mining Intervention Fund approved by the Federal Executive Council last year to local operators in the sector. This is aimed at assisting them in scaling up their operations and reducing reliance on importation.
According to Fayemi, the ministry is partnering with the Bank of Industry (BOI) to offer loan facilities from the intervention fund to operators who need assistance in increasing their operation.
He explained that companies producing quality tiles will also benefit from the fund.
“We are endowed with lots of mineral resources; we have dimension stones everywhere but not exploited; there is no stone we don’t have in Nigeria. We are working with the BOI to disburse the loans as soon as the intervention funds are released to serious tile producers across the country,” he said.
Fayemi noted that Nigeria needs about four million square metres of tiles annually but currently produces less than a million every year, due inadequate resources. In fact, the country imports most of the tiles it uses from Italy, China and India.