The Federal Government has started the process of raising $600 million for the development of the solid minerals sector, Acting President Yemi Osinbajo has said. Osinbajo said this in a keynote address delivered at the opening of the National Mining Summit in Abuja on Tuesday. According to him, the fund will be raised through the Nigerian Sovereign Wealth Investment Authority and the Nigerian Stock Exchange.
He said, “We are currently working with the Nigerian Sovereign Wealth Investment Authority, the Nigerian Stock Exchange and others to assemble a $600 million investment fund for the sector. “We have secured funding from both domestic and international sources for investment in the solid minerals sector.
From the public purse, the Ministry of Mines and Steel Development has been granted access to the mining sector component of our Natural Resources Development Fund for the sum of N30 billion, an intervention fund from the Federal Government. This is to help provide cheap loans and grants to industry participants as well as for directly investing in foundational infrastructure.