Thursday, April 7, 2016

FG collaborates with World Bank to develop mining sector.

Fayemi with World Bank Officials.

Federal Government, in its bid to diversify the economy in the mining sector, is collaborating with the World Bank and the mining operators to develop the mining and minerals sector.
The Minister of Solid Minerals Development, Dr. Kayode Fayemi stated this at an interactive meeting with mining operators and investors in the country and officials of the World Bank on Tuesday, 5 April, 2016.Dr. Fayemi who recalled aFayemi with World Bank Officials similar meeting with the operators on assumption of duty as Minister, confirmed that most of the issues discussed with the operators then had been incorporated into the development road map, which he said was submitted to him last week. He said, “But we need an alignment between our road map initiative which is our own local initiative as to how to really develop this sector with whatever we are approaching development partners to support us on and that is why we have a team from the World Bank here this afternoon.” According to the Minister, on assumption of duty, the World Bank was approached for assistance in the sector, especially mining support for the government’s economy diversification programme. He emphasized President Buhari’s insistence that alternative source of revenue in the country would come from Agriculture and Mining sectors and pointed out that the inputs of the relevant stakeholders such as the miners are required before getting to the end point. He also cautioned that the sector is such that cannot be developed overnight and urged the operators to freely discuss the challenges and ways in resolving them. Global Lead Extractives of the World Bank Group, Michael Stanley said that the World Bank recognizes that the mining sector can be a driver of growth. He explained that the Bank would be providing technical assistance under a few guiding principles in order to leverage on the government’s need to diversify its economy and on the activities of the operators towards the desired economic growth. The interactive session was attended by the Minister of State for Solid Minerals Development, Hon. Abubakar Bawa Bwari and the Permanent Secretary of the Ministry, Mr. M.F Istifanus.

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