• Monday, February 26, 2024
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FG, US hold talks on funding mining projects in Nigeria

FG, US hold talks on funding mining projects in Nigeria

The Minister of Solid Minerals Development, Oladele Alake and United States Assistant Secretary for Energy and Natural Resources, Geoffrey Pratt have agreed to set up a team of officials of both countries to explore financing for credit to mining firms and infrastructures.

The agreement was reached on the sidelines of the Mines & Money conference in London.

Pratt said his visit to Alake followed an earlier meeting with President Bola Ahmed Tinubu who sought the support of the US for the country’s economic revival.

He said that the US would like to be Nigeria’s partner of choice in developing the solid minerals sector and was interested in the reforms announced by the Minister in his address at the plenary of the conference.

Noting that the United States has various institutions and laws which encourage direct foreign investment, Pyatt said he would notify the agencies to collaborate with their Nigerian counterparts to work out the framework.

Read also: FG lures foreign investors with lower mining costs

Responding, Alake said the gesture was music to his ears as the Ministry of Solid Minerals Development has launched a seven point agenda as its roadmap to reposition the sector.

He highlighted the establishment of the new Solid Minerals Development Company, a new security architecture to ensure safety of mine operations and data generation on a massive scale to derisk the sector.

He also said that the credit facility and foreign direct investment promised by the United States would be in the mutual interest of both countries because energy minerals such as lithium are critical to the global crusade for clean energy and necessary for the manufacture of electric cars.

Also speaking at the meeting, the Executive Secretary of the Nigerian Solid Minerals Fund, Fatima Shinkafi commended the US for investment in mining infrastructures in the central Africa urging a similar partnership with the Fund.