Empowering Nigeria’s Mining Sector: FG and NEXIM Bank Join Forces
The Federal Government and the Nigerian Export-Import (NEXIM) bank are poised to establish a strategic partnership to address the challenges encountered by the mining industry in Nigeria. The primary focus of this collaboration is to overcome the logistical barriers hindering the export of solid minerals and to utilize the bank’s resources to provide essential financing for the mining sector.
In a meeting with the Managing Director of NEXIM Bank, Abba Bello, the Minister of Solid Minerals Development, Dr. Dele Alake, commended the bank for its efforts in supporting the mining industry. He stressed the necessity for increased support to local investors in order to alleviate obstacles to solid minerals exports and enhance access to funding and mining equipment.
In response, Bello detailed NEXIM Bank’s mining support scheme, designed to offer local mining companies access to capital, credit enhancement instruments, and partnerships to optimize the sector’s contribution to the nation’s GDP and exports. The scheme encompasses initiatives such as an Equipment Leasing Framework, Contract Mining Framework, and Buyers Credit/ECA financing, all aimed at improving productivity and value-added operations in the mining sector.
Furthermore, Bello underscored the bank’s role in addressing logistical challenges associated with the export of solid minerals. He disclosed that successful survey and charting of the lower River Niger have improved navigation and augmented capacity for transporting bulk solid minerals through key terminals and ports.
Expressing his contentment with the bank’s dedication to the mining sector, Minister Alake vowed to collaborate with NEXIM Bank to leverage its resources for the benefit of the industry.
This partnership between the Federal Government and NEXIM Bank marks a significant stride towards addressing the challenges faced by the mining sector in Nigeria. Through strengthening their collaboration and utilizing resources, both entities are positioned to make a positive impact on the industry, ultimately contributing to the nation’s economic growth and development.
In conclusion, the initiative to bolster mining financing and promote solid minerals exports through partnerships is a promising development for Nigeria’s mining sector. As the collaboration between the Federal Government and NEXIM Bank progresses, it is anticipated to yield tangible benefits for local investors and further enhance the contribution of the mining industry to the nation’s economy.
Source:
Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info)
