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Revamping The Mining Sector: Federal Government Partners Stanbic IBTC And Standard Bank

Mining Sector

In setting objectives to reposition the mining and steel sector, Hon. Abubakar Bawa Bwari, the Minister of State for Mines and Steel Development, has disclosed that the federal government will continue to work in partnerships with international financial allies to revamp the sector. The assertion was made by the minister while receiving a team of investment banking officials of Standard Bank, Stanbic IBTC and Mining and Metals Corporate in his office recently, in Abuja. He restated the commitment of the President Muhammadu Buhari-led administration to give the mining sector the needed priority that would boost sustainable economic growth.

Funding Is A Major Factor Mitigating Against The Sector’s Development

The minister informed the team that inadequate funding had been one of the major problems in the development of the mining sector. He, however, noted that the interest of the banks to fund mining in the country was a welcome development.

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Bwari, while acknowledging the team for their visit, said, “One of the compelling areas we are looking forward to is funding, and I am sure that you are going to be a pace setter when it comes to funding mining operations in Nigeria.”

The front-runner of the team, Mr. Mark Buncombe, who is also the Global Sector Head, Mining and Metals, Standard Bank, informed the honourable minister that the main purpose of their visit was to discover areas of partnership with government in the mining sector of the country.
He stated that the collaboration would no doubt make a positive impact in the mining and steel sector, adding value to government’s efforts to develop the sector.

FG’s Assurance Of The Needed Support For Collaboration.

The minister while lauding the visit, guaranteed the Executive Secretary, Solid Mineral Development Fund, Hajia Fatima Shinkafi, who facilitated the visit and the team, that the federal government would lend the necessary support to ensuring that the collaboration brings about the desired outcome.

About The Ministry Of Mines And Steels Development.

The Ministry of Mines and Steels Development is a ministry set up to expose the economic potentials of the solid minerals sub-sector in Nigeria. It aims to transform the Nigerian mineral and metal sector into a desirable Mining destination for global capital, and attracting foreign direct investment (FDI) to grow the sector to optimum levels.

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