The Minister of Mines and Steel Development has said, lack of verifiable bussines plans, necessary collateral and some technical issues are responsible for artisinal miners inability to access the federal government’s N5 billion loan.

The Minister of Mines and Steel Development, Hon. Abubakar Bawa Bwari, said this while speaking recently at a dialogue meeting with chief executives of Nigerian banks and UNDP Country Director in Lagos.

He decry that the inaccessible to the loan and other form of financing through the capital markets and financial institutions is grossly affecting the financial turnaround of the sector.

He however said the sector growth and contributions to the nation’s Gross Domestic Products (GDP) would have increased if financial institutions do not look the other way.

He stressed that access to credit either from banks or capital markets had been low to meet the sector’s financing needs, adding that, institutional investors were also wary of investing in projects along the life cycle

He said: “We are prepared to build on the ACP-EU/UNDP/African Guarantee Fund program to operationalize the N5 billion fund that the Ministry established in collaboration with the Bank of Industry to support small and medium scale miners.

“Unfortunately, this scheme is not performing as expected due to the miners’ inability to provide the necessary collateral and inadequate business plans to support their applications and other technical reasons. We must find a middle way to solve this problem.

He noted that: “Without the financial sector, we simply cannot develop the sector to meet its true potential as the small and artisanal miners of development minerals who are looking to expand their operations do not have access to financing for capital equipment and operations.

“We need a shift in mind set among the financial institutions about the mining sector in general. Since we are here to unlock opportunities in the development minerals sub-sector, the first challenge we must tackle is for the financial institutions to recognise the value chain potentials of the development minerals sub-sector.

According to him, a major constraint identified in the roadmap was the underdeveloped financing and business environment for mining.

“Financing for other stages of the life cycle particularly exploration and production are limited. This is due to lack of bankable data for exploration and the lack of systematic understanding of mining’s potential. As a result, few banks have dedicated minerals and mining desks and teams.

He added: “Against this background, my ministry is keen to see the financing environment transformed to support the growth and development of the mining sector.

“This is in line with the ministry’s objective for mining to have a multiplier effect on the economy beyond direct royalty and tax receipts.

“This will be through the facilitation of mineral economic linkages, investment, and diversification. Promotion of side stream linkages such as the stock market and financial services to finance business development is central to this objective.

He stressed that the challenges required creativity and innovation to encourage participation along the value chain, starting with the upstream, which provides the anchor investment for the emergence of the value chain.

“Collectively we must address access to finance constraints faced by miners of development minerals and other minerals in general. We are extremely pleased with the ACP-EU development minerals intervention,” he said.
https://www.miningng.com/n5bn-loan-miners-lack-of-business-proposals-responsible-for-inaccessibility-minister/

“Without the financial sector, we simply cannot develop the sector to meet its true potential as the small and artisanal miners of development minerals who are looking to expand their operations do not have access to financing for capital equipment and operations.
“We need a shift in mind set among the financial institutions about the mining sector in general. Since we are here to unlock opportunities in the development minerals sub-sector, the first challenge we must tackle is for the financial institutions to recognise the value chain potentials of the development minerals sub-sector.

The mining sector is dead long ago.
You can hardly blame financial institutions for being skeptical in giving them loans.

However, we need a shift from crude oil.
The mining sector could bring a lot to this nation's GDP.

NIGERIANS ARE IN FOR IT:
A Paris-based Nigerian reacted after a meeting with PMB and Nigerian Community in Paris.
Few hours ago, a good friend rang me from France and was literarily crying. He told me he went all the way from his base in France to Paris to be part of the group of Nigerians meeting and brainstorming with PMB and his delegation. According to him(and he’s one reliable, sober and cerebral friend), WE ARE IN FOR IT!
PMB didn’t seem to be aware of his immediate environment. Abike Dabiri was the moderator of the event but Buhari couldn’t even recollect her name. Before the session started, they were frisked and their mobile devices were taken from them before entry. He approached Abike and told her of the nature of contributions he wanted to make but she discouraged him- saying he could be thrown out- all the questions asked Buhari were pre-arranged and people to ask were pre-selected.
Let me not say too much but the summary of what my friend said is, “Nigeria is in a deep mess and Nigerians are in for it”. it also made me understand Trump’s “Lifeless” comment much better.
Those Nigerians who know this and are still pushing for a Buhari return next year are wicked! They are definitely going to pay dearly for their deliberate evil and heinous acts.
As for those who are ignorantly and blindly campaigning for his return, heaven will still punish them appropriately- ignorance is never an excuse.
Culled from the wall of One of the best FB-based Public Commentators, Ikpa Simon Utsu

Hmm. I hope those thieves won't divert the fund. APThieves.

Wetin we no go hear? Wen blind and deaf people are taking the lead...

What is this one typing?
Afonjas have been mining skulls successfully without any assistance, proposal or support.. So why the long epistle?

Even the white guy sitted didn't, t believe what he was saying. 5billion and miners can, t access it because they can, t write proposal. Wtf

Another Election Campaign Money!!! Hence, has made the guidelines for it's accessibility difficult.

YoungLionken:
NIGERIANS ARE IN FOR IT:
A Paris-based Nigerian reacted after a meeting with PMB and Nigerian Community in Paris.
Few hours ago, a good friend rang me from France and was literarily crying. He told me he went all the way from his base in France to Paris to be part of the group of Nigerians meeting and brainstorming with PMB and his delegation. According to him(and he’s one reliable, sober and cerebral friend), WE ARE IN FOR IT!
PMB didn’t seem to be aware of his immediate environment. Abike Dabiri was the moderator of the event but Buhari couldn’t even recollect her name. Before the session started, they were frisked and their mobile devices were taken from them before entry. He approached Abike and told her of the nature of contributions he wanted to make but she discouraged him- saying he could be thrown out- all the questions asked Buhari were pre-arranged and people to ask were pre-selected.
Let me not say too much but the summary of what my friend said is, “Nigeria is in a deep mess and Nigerians are in for it”. it also made me understand Trump’s “Lifeless” comment much better.
Those Nigerians who know this and are still pushing for a Buhari return next year are wicked! They are definitely going to pay dearly for their deliberate evil and heinous acts.
As for those who are ignorantly and blindly campaigning for his return, heaven will still punish them appropriately- ignorance is never an excuse.
Culled from the wall of One of the best FB-based Public Commentators, Ikpa Simon Utsu

Does it mean He is actually a clone or an imposter from Sudan?pls bro shed more light

Diatomite currently needed in large quantity. Sellers should call 08161392078

YoungLionken:
NIGERIANS ARE IN FOR IT:
A Paris-based Nigerian reacted after a meeting with PMB and Nigerian Community in Paris.
Few hours ago, a good friend rang me from France and was literarily crying. He told me he went all the way from his base in France to Paris to be part of the group of Nigerians meeting and brainstorming with PMB and his delegation. According to him(and he’s one reliable, sober and cerebral friend), WE ARE IN FOR IT!
PMB didn’t seem to be aware of his immediate environment. Abike Dabiri was the moderator of the event but Buhari couldn’t even recollect her name. Before the session started, they were frisked and their mobile devices were taken from them before entry. He approached Abike and told her of the nature of contributions he wanted to make but she discouraged him- saying he could be thrown out- all the questions asked Buhari were pre-arranged and people to ask were pre-selected.
Let me not say too much but the summary of what my friend said is, “Nigeria is in a deep mess and Nigerians are in for it”. it also made me understand Trump’s “Lifeless” comment much better.
Those Nigerians who know this and are still pushing for a Buhari return next year are wicked! They are definitely going to pay dearly for their deliberate evil and heinous acts.
As for those who are ignorantly and blindly campaigning for his return, heaven will still punish them appropriately- ignorance is never an excuse.
Culled from the wall of One of the best FB-based Public Commentators, Ikpa Simon Utsu

Another one spotted.

Akinz0126:



Does it mean He is actually a clone or an imposter from Sudan?pls bro shed for light

Well, as objective as I can be, it's something we are still working on. We've listened to Nnamdi Kanu and Fani Kayode's positions on it. Rochas Okorocha threatened the APC that there would be serious problem in Nigeria, if he revealed their secret, Amosun as well as others have said same. It has been scientifically proven that cloning is very much possible, and we've had reported cases too. There's nothing hidden under the sun, sooner or later, we shall know the truth. But for the now, our fingers are crossed while we are exploring.