Fed.Govt Approves 30 Billion Naira Intervention Fund For Solid Minerals

Posted by Admin | 8 years ago | 2,163 times

The Minister of Mines and Solid Minerals Development, Kayode Fayemi says the Federal Government has approved the release N30 billion intervention fund for solid minerals development.

Fayemi who disclosed this at the fifth Extractive Industries Conference held in Abuja said the fund would be used for geosciences data generation, improve mines-field security and monitoring.

He revealed that the ministry was partnering with International Development Partners through AFDB, the World Bank, UNDP, UNIDO and donor agencies to ensure the development of the sector.

The Minister promised to ensure the nation’s development partners are engaged to implement Memorandum of Understandings, especially those on geosciences data generation, integration, storage and dissemination.

He said the ministry would target five per cent contribution to the GDP by the year 2020 as against the current 0.34 per cent.

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