Exploring Credit Facilities for Mining Firms: FG and US in Talks
The Minister of Solid Minerals Development, Dele Alake, and United States Assistant Secretary for Energy and Natural Resources, Geoffrey Pyatt, recently held discussions regarding the provision of credit facilities to mining firms with the aim of enhancing the growth and development of mining infrastructure.
During the Mines and Money Conference in London, Pyatt conveyed the interest of the United States in establishing a partnership with Nigeria to develop the solid minerals sector. He underscored the various institutions and laws in the US that promote direct foreign investment and expressed a keenness to collaborate with Nigeria to establish a framework for financing.
In response, Alake outlined the Ministry of Solid Minerals Development’s seven-point agenda for repositioning the sector. Key points of the agenda include the establishment of a new Solid Minerals Development Company, a new security architecture to ensure safety in mine operations, and the generation of extensive data to reduce the risks associated with the sector.
Alake also emphasized the shared interest of both countries in providing credit facilities and foreign direct investment, particularly for energy minerals such as lithium, which are essential for clean energy and electric car manufacturing.
In a related meeting, the Executive Secretary of the Nigerian Solid Minerals Fund, Fatima Shinkafi, commended the US for its investment in mining infrastructure in Central Africa and called for a similar partnership with the Nigerian Solid Minerals Fund.
Turning to a different topic, the Permanent Secretary, Ecological Project Office, Malam Shehu Ibrahim, highlighted the insufficient infrastructure in the 36 states and 774 local government councils for managing the Ecological Fund. He revealed that since the fund began being shared among the federal, state, and local governments, there have been no structures in place to manage the funds at the state and local levels.
Ibrahim also pointed out the reluctance of governors and local council chairmen to be held accountable for their use of the Ecological Fund, stating that they avoid any inquiries about how the funds are utilized.
Moving on, the Secretary to the Government of the Federal (SGF), Sen. George Akume, announced a 23% reduction in road crashes by the Federal Road Safety Corps (FRSC) from January to the present date. At the inauguration of a new FRSC Sector Command’s Office in Kaduna, the SGF commended the corps for its achievements and pledged the government’s continued support for improving road transportation in Nigeria.
Finally, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has inaugurated over 2,000 anti-corruption clubs and vanguards since 2003. The objective is to promote integrity and ethical behavior among students and involve them in the fight against corruption from a young age.
These are the latest efforts to explore credit facilities for mining firms, the challenges of managing the Ecological Fund, road safety improvements, and anti-corruption initiatives in Nigeria. Stay tuned for more updates on these critical developments!
