The federal government says the World Bank is exploring collaboration opportunities with the country to unlock financing and technical support for the development of the mining sector.
Speaking during a courtesy visit to Dele Alake, minister of solid minerals development on Monday, Shubham Chaudhuri, World Bank country director for Nigeria, expressed satisfaction with the federal government’s renewed focus on developing the country’s mineral resources.
Chaudhuri said Nigeria has the potential to make the sector a significant contributor to its gross domestic product (GDP) due to the abundance of economically viable minerals in the nation.
The World Bank country director reiterated the readiness of the bank to partner with the ministry to unlock financing for specific intervention areas requiring funding.
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However, he said it is imperative to adhere to the bank’s terms and conditions and openness in the use of funds in order to guarantee the efficient execution of projects.
In addition, Chaudhuri said the bank is not restricted to providing financing alone, saying it has the capacity to offer technical assistance to improve mining operations in the country.
In his response, the minister hailed the World Bank team for the visit, commending the institution for spearheading developmental efforts in diverse sectors of the economy over the years.
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“The World Bank has been able to redirect focus on developmental issues and projects in countries, especially Nigeria,” Alake said.
“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.
“I thank you for your involvement in the MinDiver project, which, unfortunately, is coming to a close. 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.”
Giving insight into his outlook for the mining industry, Alake said funding exploration is the first and foremost priority to generate the requisite geodata that will assist investors in making well-informed investment decisions.
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Additionally, he said ongoing efforts are being made to secure the mining environment and establish effective governance structures.
Alake also pledged that the federal government will continue to support mining operations by creating an environment that maximises benefits to host communities and generates revenue for the government through taxes and royalties.
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