Nigeria Seeks World Bank Support For Mining Sector Development

The Ministry of Solid Minerals Development has disclosed plans for a prospective partnership with the World Bank aimed at unlocking financial resources and technical assistance to propel the growth of Nigeria’s mining sector.

In a statement released by the minister’s Special Assistant on Media, Segun Tomori, on Tuesday, revelations emerged concerning discussions between the government and the World Bank to foster the advancement of the nation’s mining industry.

The recent meeting between the Solid Minerals Minister, Dele Alake, and the World Bank Country Director for Nigeria, Shubham Chaudhuri, unveiled a positive outlook toward enhancing the development of Nigeria’s mineral resources under the current administration.

Chaudhuri expressed contentment with President Bola Ahmed Tinubu’s administration’s renewed focus on harnessing the country’s mineral wealth, noting Nigeria’s potential to significantly boost its GDP through the exploitation of its economically viable minerals.

He stated, “Nigeria is well positioned to make the mineral sector a major contributor to its GDP since the country has the majority of economically viable minerals.”

The World Bank director emphasized the institution’s willingness to collaborate with the ministry, offering financial aid in targeted intervention areas and ensuring the successful execution of projects. Moreover, Chaudhuri highlighted the bank’s capacity to provide technical assistance to elevate mining operations across the country.

He added, “We are ready to partner with the ministry on financing specific intervention areas and ensure effective implementation of projects. Our support is not limited to financing alone; we can offer technical assistance to improve mining operations in the country.”

In response, Minister Alake lauded the World Bank team for their visit, acknowledging the institution’s historical role in spearheading developmental initiatives across various sectors of Nigeria’s economy. He cited the recent support rendered by the World Bank in palliative measures following the fuel subsidy removal and the ongoing min diver project.

Alake remarked, “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.”

Alake outlined the envisioned strategy for the mining sector, pinpointing investment in exploration to generate essential geological data for potential investors. Additionally, he highlighted ongoing efforts to establish robust governance frameworks and ensure the safety of mining environments.

He said, “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.”

Assuring stakeholders of the government’s commitment, the minister pledged to create a conducive atmosphere to safeguard mining operations while ensuring maximum benefits for host communities and increased revenue generation for the government through taxes and royalties.

He affirmed, “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.”