Nigeria, World Bank partner to boost mining sector
The Federal Government of Nigeria and the World Bank have announced a partnership set to unlock financing and provide technical support for the development of the mining sector in the country.
World Bank Country Director for Nigeria, Shubham Chaudhuri, said World Bank’s readiness to partner with the ministry to secure financing for specific intervention areas that require funding. He recognized the sector’s potential to significantly contribute to Nigeria’s gross domestic product (GDP) and also stressed the importance of effective project implementation and transparency in fund utilization.
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Dr. Dele Alake, the Minister of Solid Minerals Development, welcomed the World Bank team and commended the institution for its role in spearheading developmental efforts across various sectors of the economy. He acknowledged the World Bank’s support in previous initiatives, such as palliatives after fuel subsidy removal. Alake expressed gratitude for the World Bank’s involvement in the mining diver project and looked forward to strengthening collaboration for funding critical areas in the mining sector, along with necessary technical support.
The minister outlined his vision for the mining sector, highlighting ongoing efforts to establish efficient governance structures and ensure a secure mining environment. He assured that the federal government is dedicated to creating an enabling environment to protect mining operations while maximizing benefits for host communities. Overall, the collaboration aims to leverage the World Bank’s resources and expertise to drive sustainable development in Nigeria’s mining industry.
The mining of minerals in Nigeria accounts for only 0.3% of its gross domestic product, due to the influence of its vast oil resources. The domestic mining industry is underdeveloped, leading to Nigeria having to import minerals that it could produce domestically, such as salt or iron ore.
