The Ministry of Mines and Steel Development is considering disbursing N200 million to 100 artisanal miners to boost mining activities in Nigeria.
Minister of Mines and Steel Development, Olamilekan Adegbite, made the disclosure in Abuja. He said the fund would be drawn from the ministry’s N3.2 billion mining intervention fund, domiciled with the Bank of Industry (BoI).
Adegbite explained that Two million naira each would be given to 100 artisanal miners to help them to operate their businesses.
He said the ministry had an agreement with BoI in 2017, to contribute N2.5 billion, totaling N5 billion as intervention fund for artisanal and small-scale miners.
Mr Adegbite said that due to the stringent criteria attached to the loan by BoI, miners were unable to access the fund, adding that the ministry’s 2.5 billion had accrued interest of N1 billion.