Abuja, Jan. 25, 2024: The Ministry of Solid Minerals Development and the Nigerian Export-Import (NEXIM) bank, have expressed commitment to partner in boosting mining sector financing.
The partnership is also aimed at addressing accruing logistics stalling the export of solid minerals.
The Minister of Solid Minerals Development, Dr Dele Alake described the partnership as apt and thanked the bank for deploying its financial tools to assist the mining industry.
In a statement issued by Alake’s Special Assistant on Media, Segun Tomori on Wednesday in Abuja, the partnership was discussed when the Bank’s Managing Director, Abba Bello, visited the minister in his office in Abuja.
The minister acknowledged the bank’s commitment to the development of the mining sector, saying that they have been instrumental in facilitating access to equipment and other funding needs.
He was quoted saying “I think your role is quite critical to filling the financing shortfall for local mining investors.
“ We need you to up the game for our local investors so that we can minimise logistical bottlenecks for exports of solid minerals while also scaling up access to funding and mining equipment,”.
He said that the ministry would take advantage of the collaboration and leverage on the bank’s resources to develop the mining industry.
Speaking, the NEXIM’s boss said that its mining support scheme was designed to support local mining companies in accessing capital, to develop critical minerals, provide credit enhancement and instruments to de-risk projects.
He added that scheme was also conceived to facilitate and attract investments in mining projects, aimed at boosting the contribution of the sector to the nation’s Gross Domestic Product (GDP) and exports.
“The mining scheme will comprise Equipment Leasing Framework, which is designed to minimize investment capital outlay for needed production equipment; Contract Mining Framework.
“Which will enhance productivity and scale of mining operations while the Buyers Credit/Export Credit Agency(ECA) financing is intended to leverage partnerships to enhance value-added operations and expansion of current mining operations,” he said.