The Ministry of Solid Minerals Development, representing the Federal Government, is in talks with the World Bank to establish a collaborative effort aimed at securing financial and technical assistance for the advancement of the mining sector.
Shubham Chaudhuri, the World Bank Country Director for Nigeria, expressed contentment with the Tinubu administration’s renewed commitment to developing the nation’s mineral resources. During a meeting with Dr. Dele Alake on Monday, he highlighted Nigeria’s potential to elevate the mining sector as a significant contributor to its Gross Domestic Product (GDP).
Mr. Shubham Chaudhuri reaffirmed the World Bank’s willingness to collaborate with the Ministry, focusing on unlocking financial support for specific intervention areas. He stressed the importance of adhering to the Bank’s terms and conditions to ensure effective project implementation and transparent fund utilization. Additionally, he emphasized that the Bank’s role extends beyond providing financing, as it possesses the capability to offer technical assistance for enhancing mining operations within the country.
ls Development, is exploring collaboration with the World Bank to unlock financing and technical support for the development of the mining sector.
Speaking during a courtesy visit to the Minister, Dr. Dele Alake on Monday, World Bank Country Director for Nigeria, Shubham Chaudhuri expressed satisfaction with the renewed focus on development of the nation’s mineral resources by the Tinubu administration, stating that with the preponderance of economically viable minerals in Nigeria, the country has the potential to make the sector a major contributor to its Gross Domestic Product (GDP).
Mr. Chaudhuri reiterated the readiness of the Bank to partner with the Ministry to unlock financing for specific intervention areas requiring funding, emphasising, however, that that the terms and conditions of the Bank to ensure effective implementation of projects and transparency in utilising funds is mandatory. He also added that the bank is not restricted to providing financing alone, asserting it has the capacity to offer technical assistance to improve mining operations in the country.
” The World Bank has been able to redirect focus on developmental issues and projects in countries, especially Nigeria. Just recently, we had the support of the World Bank on palliatives being rolled out after fuel subsidy removal. We had appreciable support from the World Bank. I thank you for your involvement in the min diver project, which, unfortunately, is coming to a close. We look forward to strengthening collaboration, which will culminate in the needed funding for critical areas in the mining sector, alongside the requisite technical support, as earlier hinted, “Alake said.
Throwing light on his vision for the mining sector, the Minister revealed that the first major priority is investment in exploration to generate the requisite geo-data that will guide investors in making informed decisions about investing in the sector. He also revealed that efforts are ongoing to establish efficient governance structures and secure the mining environment.
Furthermore, he assured that the federal government is committed to providing an enabling environment to safeguard mining operations whilst ensuring maximum beneficiation to host communities and accruable revenue to government through royalties and taxes.On the World Bank delegation were the Country Director for Nigeria, Shubham Chaudhuri and World Bank program leader, equitable growth, finance innovation, Bertina Kamphuis.
