November 18, 2017

World Bank to fund mining projects in Nigeria

MINNING... World Bank to fund mining projects in Nigeria.. NAIJA INVEST

Nigeria’s mining sector is to receive a boost as the World Bank is packaging a two-year Externally Funded Output (EPO) aimed at boosting exploration activities in the years ahead.

About two World Bank agencies, namely the Australian Agency for International Development (AusAID) and the Canadian International Development Agency (CIDA) are extending the funding support  at the instance of the World Bank and will be focusing on three key priority areas in the artisan miners’ development, mineral taxation and spatial analysis on economic corridor development.

This is the second time World Bank will be funding projects in the mining sector in the country. The first was the five-year $120 million Sustainable Management of the Minerals Resources Projects (SMMRP) that closed on May 30, 2012.

world-bank... World Bank to fund mining projects in Nigeria.. NAIJA INVEST

world-bank… World Bank to fund mining projects in Nigeria.. NAIJA INVEST

Unveiling the project agenda in Abuja yesterday   at the stakeholders’ workshop tagged, ‘strengthening plan to support the strategic road map for mining sector development with partial analysis to define potential mineral resource corridor for Nigeria, the World Bank Senior Mining Specialist, Francisco Igualada, said the project would also consider other issues in the mining sector as well as the general objectives and donor’s tasks distribution.

According to him, “following the successful closure of the SMMRP on May 30, 2012, the Ministry of Mines and Steel Development made a request to development partners to support continuance of mining reforms in Nigeria.

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