News

Nigeria secures $150 million loan from World Bank to boost mining sector

  • Comments   -   Tuesday, 18 April 2017 - 14:49

(Ecofin Agency) - Nigeria has secured last week a $150 million loan from the World Bank for its mining sector. The loan which is provided in the framework of the Mineral Sector Support for Economic Diversification (MinDiver) project aims to boost the mining industry, by developing infrastructure, knowledge and attracting investment in the sector.

The news was revealed by Rachid Benmessaoud, World Bank Country Director, Nigeria. “Nigeria has a favorable geological potential that, if adequately assessed, well exploited and sustainably managed, could support broader economic growth through mineral sector,” he said.

According to the official, the facility falls in line with the government’s plan to diversify the economy to a broader range of non-oil productive sectors. It should help establish a conducive business environment for the sector’s growth. Under the MinDiver’s project, the government plans to formalize artisanal and small-scale mining, among others.

Though Nigeria’s mining sector actually contributes very little to the country’s gross domestic product, the minister of mines and steel development, Kayode Fayemi (photo), anticipated contribution to mining gross domestic product to exceed $25 billion by 2026. Truth is, as at now, Nigeria is in first recession in 25 years, due mainly to a slump in the prices of oil, its main export.

SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4
For the first time in its history, Côte d’Ivoire will elect senators...
Read more |  22 February 2018
Burkina Faso is looking for a new partner to operate Tambao mine,...
Read more |  22 February 2018
African countries, especially those highly dependent on hydroelectricity should diversify power sources....
Read more |  22 February 2018
In 2017, Rwanda generated Rwf72.6 billion ($85.4 million) from tea exports. Compared...
Read more |  22 February 2018
Most Read | 7 days |
1 month |
1 year
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2018-02-16 00:27:28' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2017-02-23 00:35:11' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4, 4
listofid2=38109,38108,38107,38106,
reference=38109,38108,38107,38106,0
Within six months, goods worth 388 million birrs (about $14 million) were seized...
Read more |  22 February 2018
During Q4 2017, the unemployment rate decreased to 11.3% in Egypt, according to...
Read more |  22 February 2018

Copyright Agence Ecofin © 2018. All Rights Reserved.