How Artisanal Miners Can Apply For A N100 Million Loan – Minister

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The Nigerian government has revealed that artisanal miners can access loans of N100 million at low interest rates to boost diversification of Nigeria’s mining industry.

This was revealed in an interview by Nigeria’s minister of mines and steel development, Mr. Olamilekun Adegbite, on Sunday in Abuja at the Nigerian News Agency (NAN) Forum.

He added that the first step to access credit is for artisanal miners to form cooperatives.

Adegbite noted that artisanal miners can expand their operations by registering with cooperative societies, which will enable them to access loans of up to N100 million at an interest rate of just five per cent.

The minister added that the repayment of the loan could cover a period of 20 years, which is set at a low rate for artisanal miners to encourage diversification of the economy.

10 miners form 10-person cooperatives when they approach the ministry for the loan to make the process smooth, adding that doing so makes them a priority for the ministry, which equips them with the proper equipment and licence.

  • They told me that we have more than a thousand cooperatives that have registered with us. Some of them have successfully transitioned from artisanal to small-scale miners.
  • “There are still a lot of them, but we are winning because we are winning them over with incentives. So, because they’re working, they’re paying revenue to the government by paying their royalties, so it’s a win-win situation.” he said.

In case you missed it: Recall Naijaonpoint reported last year that the minister for mines and steel development, Mr Olamilekan Adegbite, said the federal government could expand its N200 million fund for artisanal miners, depending on the success of the scheme.

The minister revealed that mining funds totaling N3.2 billion have been domiciled with the Bank of Industry (BoI) to boost mineral exploration in Nigeria.

The FG declared last month that it has placed lithium, the key component for making batteries in electric vehicles, as one of its priority minerals for exports, expanding Nigeria’s mining sector.

They added that the ministry will give priority to six minerals, including coal, bitumen, limestone, iron ore, barite, gold, lead/zinc ore and lithium.

… How Artisanal Miners Can Apply For N100 Million Loan: Minister Read More On … Naijaonpoint.

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