FG secures $150 million from World Bank for mining sector


The Federal Government has secured $150 million from the World Bank for the solid minerals sector support and economic diversification.

The Minister of Mines and Steel Development, Dr. Kayode Fayemi, disclosed this while briefing the press in Abuja on Monday on the activities of the ministry in 2016.

He also said that the ministry was seeking to raise $600 million investment fund for the sector in alliance with the Nigerian Stock Exchange and the Nigerian Sovereign Investment Authority. According to the minister, the World Bank fund will be used to provide technical assistance for the restructuring of the Mining Investment Fund.

Fayemi said, “We are working with the Nigerian Sovereign Investment Authority, the Nigerian Stock Exchange and others to assemble a $600 million investment fund for the sector, which we hope to conclude and operationalise by the second quarter of 2017.

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