3 Banks Set Aside N3b For Mining

05.01.2008

Three financial institutions have established solid mineral desk with each setting aside an initial sum of N1 billion. The fund is to encourage artisanal miners in the country.

News Agency of Nigeria (NAN) reports that the institutions included First Bank, Oceanic Bank and Wema Bank.

Following this development, Artisanal and Small scale miners would be able to access micro-financing to fund mining projects.

Speaking to NAN on the issue, Mr. Tunde Shokoni, a member of the Association of Miners and Processors of Barite, commended the banks for their support.

He, however, called on other financial institutions to emulate the gesture.

He observed that solid minerals currently contribute less than one per cent to the GDP, noting that such gesture from the private sector would reawaken the sector.