The World Bank on Wednesday approved 150 million dollars credit to help increase the mining sector’s contribution to the Nigerian economy, Daily Trust reports.
A Senior Communication Officer of the bank, Ms Olufunke Olufon said in a statement in Abuja that the project would help to establish a strong foundation for mining sector development in the country. Olufon said that credit would also enhance competitiveness by improving information infrastructure and knowledge of mining.
She said that it would equally help in strengthening key government institutions and foster domestic investments in the sector. “The project will help develop measures for formalising; regulating and inventorying artisan and small-scale mining; facilitate the flow of mineral transactions and facilitate access to finance.”
“It will facilitate access to technology and equipment; increase knowledge and support the mining and processing of the minerals in accordance with best practices,’’ Olufon said. Olufon said that the expected results include the ability to attract and develop mineral transactions on medium and large mining operations and any other mining related investments.